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DAAG In The NewsRead More DAAG In The News

Nexo Attempts to Silence Customers and Critics

July 5, 2022

Read DAAG's response to a recent legal threat made by crypto lender, Nexo.

Nexo Attempts to Silence Customers and Critics

Video — The Rise of Crypto Lending and Potential Risks to Consumers

June 13, 2022

Financial expert and DAAG member Laura Adams speaks on the growth of crypto lending and how bad actors in the space pose an unfortunate risk to consumers.

Video — The Rise of Crypto Lending and Potential Risks to Consumers

REPORT — Crypto Lending and the Need for Consumer Protection

June 7, 2022

With the rise of any path-breaking new industry, there exists the opportunity for consumers to be harmed by bad actors operating in the new space. A new report by DAAG outlines the growth of crypto lending and ways to protect consumers.

REPORT — Crypto Lending and the Need for Consumer Protection

Crypto Lending In the NewsRead More News

CoinDesk — Badger DAO Protocol Suffers $120M Exploit

December 1, 2021

On December 1, 2021, it was reported that the decentralized finance (DeFi) mainstay, Badger DAO, had fallen victim to a hack that “drained funds from the wallets of dozens of users of the Badger DAO yield vault protocol using malicious contract permissions.

CoinDesk — Badger DAO Protocol Suffers $120M Exploit

CoinDesk — Cream Finance Exploited in Flash Loan Attack Netting Over $100M

October 27, 2021

Cream Finance is a decentralized finance (DeFi) money market and lending service. On October 27, 2021, multiple news outlets reported that Cream Finance had been the target of a “devastating exploit that drained over $260 billion in funds, likely the second-largest exploit to date.”

CoinDesk — Cream Finance Exploited in Flash Loan Attack Netting Over $100M

Platform Risk: What Happened to Trustbuddy?

October 23, 2021

The Swedish Financial Services Authority forced the company [TrustBuddy] to shut down operations and TrustBuddy filed for bankruptcy protection a couple days later.

Platform Risk: What Happened to Trustbuddy?

Statements from Capitol HillRead More Statements

Letter from Gary Gensler, Chair of the U.S. Securities and Exchange Commission

August 5, 2021

“[W]e have to ensure for investor and consumer protection, that's what an agency like ours, the SEC, does, but also ensure other public policy goals, that people are compliant with taxes and compliant with what's called anti-money laundering and the like, and we don't undermine the stability of the system.”

Letter from Gary Gensler, Chair of the U.S. Securities and Exchange Commission

Letter from Senator Warren to Gary Gensler, Chairman U.S. Securities and Exchange Commission (SEC)

July 7, 2021

“The harms to consumers as a result of this under-regulated market are real and continue to proliferate in the absence of effective SEC regulations.”

 Letter from Senator Warren to Gary Gensler, Chairman U.S. Securities and Exchange Commission (SEC)

Legal ActionsRead More Legal Actions

Wisconsin Department of Financial Institutions: Summary Cease and Desist Order against CryptoNXT.io

February 17, 2022

The Wisconsin Department of Financial Institutions’ Division of Securities issued a summary cease and desist order against Bulgaria-based CryptoNXT.io and its owner for operating a fraudulent cryptocurrency trading platform, defrauding an investor and failing to obtain the appropriate registrations.

Wisconsin Department of Financial Institutions: Summary Cease and Desist Order against CryptoNXT.io

Washington Department of Financial Institutions: Cease and Desist Order against PrimeFX Pro

February 4, 2022

The Washington Department of Financial Institution’s Securities Division issued a cease and desist order and fined Romania-based PrimeFX Pro $20,000 for defrauding a customer and operating a cryptocurrency trading platform without the appropriate registrations.

Washington Department of Financial Institutions: Cease and Desist Order against PrimeFX Pro

New York Attorney General: Cease and Desist Letter against Nexo and other Crypto Lender

January 4, 2022

The New York Attorney General, which has taken action against a number of crypto actors that engaged in fraud or that illegally operated in New York, issued a cease and desist letter to Nexo for unregistered and unlawful activities in New York.

New York Attorney General: Cease and Desist Letter against Nexo and other Crypto Lender