The "shadow banking system" is a network of financial intermediaries that promote credit creation throughout the global financial system but are not subject to regulatory monitoring. These firms are frequently referred to as "nonbank financial institutions" (NBFCs). Unregulated actions by regulated organizations are often referred to as the "shadow banking system." The shadow banking system is made up of lenders, brokers, and other credit intermediaries who operate outside of the traditional, r

The Ethereum Foundation said in a blog post on Wednesday that the blockchain's Ropsten test network (testnet) has begun to wind down, with a full shutdown expected between December 15 and 31. The announcement comes as developers have increasingly ceased engaging on the testnet in recent months, and participation rates have fallen. Ethereum operates testnets, which allow developers to execute software before releasing it on Ethereum's main network (mainnet). Test networks, which are effectively

On December 1, the BNB Chain-based decentralized finance (DeFi) protocol Ankr was hit by a multi-million dollar exploit. According to reports, the attacker was able to create 20 trillion Ankr Reward Bearing Staked BNB (aBNBc), a reward-bearing token for BNB staked on the protocol. Since then, the exploiter has successfully obtained approximately 5 million USD Coin by using services such as Uniswap, Tornado Cash, and various bridges to swap and obfuscate the funds. The attack is thought to be t

Porsche, a German luxury automobile manufacturer, has indicated that after announcing a future NFT initiative that will feature 7,500 customized tokenized vehicles, it will be dramatically stepping up its Web3 activities. Porsche said on Nov. 29 that the NFTs will go on sale in January and would allow owners to alter numerous elements of the car's performance and look. Patrick Vogel, a designer and 3D artist, is creating the actual NFT art, with each piece based around the iconic Porsche 911 m

On November 30, founder Pavel Durov announced on his Telegram channel that the messaging service is developing a set of decentralized tools.   According to Durov, the move is a reaction to the recent FTX crash, as the sector ended up becoming concentrated in the "hands of a few to abuse their power. As a result, a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt." The announcement comes weeks after the launch of Fragment, a decentralized auction platform for

"The pessimism doesn't upset me that much," Facebook's parent company's CEO stated on Wednesday at the DealBook Summit. During the New York Times DealBook Summit in New York City on Wednesday, Meta Platforms (META) CEO Mark Zuckerberg said he was still hopeful about the Metaverse on a longer, "five-to-ten-year horizon." "The way we communicate becomes richer and more immersive," Zuckerberg said in a virtual interview, doubling down on his company's bet on a future dominated by virtual and augm

To help find stolen assets, six exchanges have been required to provide user information. The order is one of the first applications of a new rule in the UK that will aid in tracing assets stored abroad in cases of cybercrime. In order to trace $10.7 million in funds taken from an undisclosed UK-based exchange in 2020, six exchanges, including Binance, Coinbase, Luno, and Kraken, will be ordered to disclose user data. According to Financial Times, a court judgment requiring the disclosure of

In the midst of the continuing manhunt for Terraform Labs co-founder and CEO Do Kwon, South Korean officials have expanded their inquiries to include additional Terra executives. Prosecutors issued an arrest warrant for co-founder Daniel Shin and seven other engineers and investors in the corporation on suspicion of criminal profiteering prior to the huge collapse of the Terra ecosystem. The Seoul Southern District Prosecutors Office in South Korea suspected Shin of having Terra LUNA tokens, wh

One senator's investigation into the safeguards the companies had in place in case a collapse like FTX occurred again focused on Binance, Coinbase, Bitfinex, Gemini, Kraken, and KuCoin. Following the liquidity problems and bankruptcy of FTX, Ron Wyden, the chairman of the Senate Finance Committee in the United States, has requested six cryptocurrency companies for information about consumer protection. In various letters dated Nov. 28, Wyden targeted Binance, Coinbase, Bitfinex, Gemini, Kraken

Buterin opposes traders' speculation and stockpiling of crypto governance tokens. Regarding governance tokens, Vitalik Buterin has taken a controversial stance, claiming that governance is not a sufficient justification for such tokens to be regarded as valuable assets. Buterin stated on Twitter on Tuesday that the idea of "governance rights" as a reason for why a token should be valuable is pathological. Buterin wrote on Twitter Tuesday. “You're literally saying, ‘I'm buying $X because later