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MakerDAO approves $100 million stablecoin loan vault for 151-year-old US bank

MakerDAO approves $100 million stablecoin loan vault for 151-year-old US bank

MakerDAO has approved Huntingdon Valley Bank, a US-based regulated bank founded in 1871, to open a stablecoin vault. This vault will work as a system allowing the bank to borrow DAI tokens after depositing off-chain loans on its balance sheet as collateral. MakerDAO is the issuer of the Dai (DAI) stablecoin. The DAO vote …

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Cream Finance exploited in $18.8 million flash loan attack

Cream Finance exploited in $18.8 million flash loan attack

Decentralized finance (DeFi) lending protocol Cream Finance suffered an exploit Monday when a hacker utilized a weakness in the $AMP token contract to level a flash loan attack — resulting in $18.8 million stolen. The protocol notified the community this morning that 418,311,571 in AMP and 1,308.09 ETH were lost in the attack. For the …

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Feds add fintechs PayPal, Intuit to emergency coronavirus loan program

Feds add fintechs PayPal, Intuit to emergency coronavirus loan program

Fintech companies PayPal and Intuit were approved by the Small Business Administration (SBA) to distribute funds as part of the U.S. agency’s emergency lending program, enacted amid the ongoing coronavirus pandemic. PayPal and Intuit released statements on April 10, declaring their participation after the SBA’s approval, according to coverage by CNBC. The SBA plans administer …

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