$ 7 billion stolen from crypto scams in 2021, RadioShack DeFi

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Major cryptocurrencies by market value remain in the red this week.

Bitcoin is currently trading at around $ 46,766, according to Coin Metrics, and Ether is trading at around $ 3,880. Both are down about 6% in the past seven days.

But a few top 10 cryptocurrencies managed to weather the slowdown. Terra’s LUNA rose more than 29% last week and is now trading at $ 80, according to Coin Gecko. Avalanche’s AVAX is also up 29% during this time frame and is currently trading at $ 113.

Besides the price movement, here are five significant events that happened in the crypto space in the past week.

1. Elon Musk has stated that Tesla will accept dogecoin as a payment method for merch2. Cryptocurrency Prices Listed on Coinbase and CoinMarketCap Briefly Slip

Also on Tuesday, an issue on the Coinbase exchange and the CoinMarketCap price tracker listed inaccurate prices for cryptocurrencies, most of which appeared to be exaggerated and inflated in value.

Coinbase and CoinMarketCap users were confused as this issue has dramatically altered many wallet balances on the platforms.

The issue has since been resolved on Coinbase and CoinMarketCap.

Coinbase blamed CoinMarketCap and its pricing data for its problem, but the exact cause is still unclear.

3. Members of the Senate Banking Committee express their concerns about stablecoins and DeFi

At a Senate Banking Committee hearing on Tuesday, members discussed stablecoins, which are cryptocurrencies intended to be pegged to a reserve asset like the U.S. dollar.

President Sherrod Brown, D-Ohio, shared his thoughts on stablecoins and their risks in his opening statement.

“Let’s be clear about one thing: if you put your money in stablecoins, there is no guarantee that you will get it back,” Senator Brown said. “Stablecoins and crypto markets are not actually an alternative to our banking system. They mirror the same broken system – with even less accountability and no rules at all.”

Senator Elizabeth Warren, D-Mass., Agreed. “Stable coins pose risks to consumers and to our economy,” she tweeted after the hearing.

“They are supporting one of the shady parts of the crypto world, DeFi, where consumers are least protected from scams. Our regulators need to take the crackdown seriously before it’s too late.”

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

More than $ 7.7 billion was stolen from cryptocurrency scams around the world in 2021, according to a new report from blockchain analysis firm Chainalysis. That’s an 81% increase from 2020.

Carpet draws, a type of scam where developers abandon a project and walk away with funds from investors, has become the “go-to scam” of the decentralized finance ecosystem, or DeFi, Chainalysis wrote in its report. .

In 2021, carpet prints accounted for more than $ 2.8 billion stolen, or 37% of all cryptocurrency scam revenue, up from 1% in 2020.

5. RadioShack turns to DeFi

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