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7B stolen in crypto scams in 2021 RadioShack DeFi scaled

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The highest cryptocurrencies by market worth stay within the crimson this week.

Bitcoin is at the moment buying and selling at round $46,766, in accordance with Coin Metrics, and ether is buying and selling at round $3,880. Each are down round 6% within the final seven days.

However a couple of cryptocurrencies within the high 10 managed to resist the downturn. Terra’s LUNA is up over 29% within the final week and is now buying and selling at $80, in accordance with Coin Gecko. Avalanche’s AVAX can be up 29% in that time-frame and is at the moment buying and selling at $113.

Together with value motion, listed below are 5 vital issues that occurred within the crypto house final week.

1. Elon Musk stated that Tesla will settle for dogecoin as cost for merch

2. Cryptocurrency costs listed on Coinbase and CoinMarketCap briefly glitch

3. Senate Banking Committee members point out concern over stablecoins and DeFi

Throughout a Senate Banking Committee listening to on Tuesday, members mentioned stablecoins, that are cryptocurrencies that are supposed to be pegged to a reserve asset just like the U.S. greenback.

Chairman Sherrod Brown, D-Ohio, shared his ideas on stablecoins and their dangers in his opening assertion.

“Let’s be clear about one factor: When you put your cash in stablecoins, there isn’t any assure you are going to get it again,” Sen. Brown stated. “Stablecoins and crypto markets aren’t truly an alternative choice to our banking system. They seem to be a mirror of the identical damaged system — with even much less accountability and no guidelines in any respect.”

Senator Elizabeth Warren, D-Mass., agreed. “Stablecoins pose dangers to shoppers and to our financial system,” she tweeted following the listening to.

“They’re propping up one of many shadiest components of the crypto world, DeFi, the place shoppers are least shielded from getting scammed. Our regulators must get critical about clamping down earlier than it’s too late.”

4. $7.7 billion was stolen in crypto scams in 2021, report says

Over $7.7 billion was stolen in cryptocurrency scams worldwide in 2021, in accordance with a brand new report by blockchain analytics agency Chainalysis. That is an 81% rise in comparison with 2020.

Rug pulls, a sort of rip-off the place builders abandon a venture and go away with traders’ funds, turned the “go-to rip-off” of the decentralized finance, or DeFi, ecosystem, Chainalysis wrote in its report.

In 2021, rug pulls accounted for over $2.8 billion stolen, or 37% of all cryptocurrency rip-off income, in comparison with 1% in 2020. 

5. RadioShack turns to DeFi

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