To address community worries about its financial activities the Ethereum Foundation sent 45,000 Ether equal to $120.4 million into decentralized finance protocols. On February 13 the foundation directed its multisignature address to distribute four thousand two hundred ETH to Compound and ten thousand ETH each to Spark and Aave.
As the largest investment in DeFi to date the Ethereum Foundation puts its funds into ETH markets reaching $2,600. The Aave CEO Stani Kulechov welcomed Aave’s largest DeFi investment from the foundation at $82.4 million. In January 2023 the foundation faced criticism when they needed ETH sales to keep running their operations.
Ethereum HashFlare Returned Some Funds
Federal Reserve Governor Christopher Waller suggests the banking sector should receive permission to issue stablecoins. Waller addressed an audience at a San Francisco conference on February 12 where he identified stablecoins as a crypto technology that could modernize payments both domestically and internationally.
He wants authorities to create rules against stablecoin threats yet permits both banking and non-banking institutions to distribute stablecoins. According to Waller there are both problems in national and international control of blockchain technology that make it hard for stablecoin projects to succeed.
He used Terraform Labs’ stablecoin collapse from 2022 to show why existing risks need more detailed supervisory rules. Sergei Potapenko and Ivan Turogin admitted their participation in wire fraud to receive at least $550 million in stolen money as they ran crypto mining service HashFlare.
On February 12 the Estonian nationals admitted to a single criminal charge against them before the U.S. District Court for the Western District of Washington. HashFlare ran as a service from 2015 through 2019 while tricking clients and raised $25 million for Polybius before launching the digital bank.
Mark Bini and the defense team confirm that their clients accept money forfeited since 2022 and promise to prevent future financial loss for victims. The company HashFlare delivered back $350 million worth of crypto to clients throughout a 7-year period from 2015 to 2022.
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