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DeFi project Dfyn buzzes to $200m TVL, secures 3 major partnerships just weeks after launch

Dfyn Network, the multichain, low-fee automated market maker (AMMs) exchange, has become an IDO success story just weeks after launch, boasting over $200 million in total value locked, thousands of users, and partnerships or grants from top crypto projects.

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Dfyn Network, the multichain, low-fee automated market maker (AMMs) exchange, has become an IDO success story just weeks after launch, boasting over $200 million in total value locked, thousands of users, and partnerships or grants from top crypto projects.

The exchange is currently live on the Polygon network and has emerged as the fastest-growing DEX on Polygon. According to data from CryptoRank, DFYN has emerged as the top-performing Polkastarter IDO of all time with respect to the current IDO returns. 

Launched less than a month ago on May 10, Dfyn locked up over $242 million a week after launch and has since seen the listing of over 349 token pairs. Its IDO (short for Initial ‘DEX’ Offering) has emerged as one of the highest-grossing ones as a result—with an 86x return for early investors at peak DFYN prices.

Such growth has, unsurprisingly, attracted grants and partnerships for the young project.

Late May saw the Algorand Foundation, the entity behind the high-speed Algorand blockchain, hand out a grant to the Dfyn team for bringing over cross-chain exchanges capabilities to the Algorand ecosystem and run a full Dfyn AMM node.

The Dfyn team is currently working on a three-phase process to deploy Dfyn on Algorand (writing the code from scratch as Algorand is non-EVM compliant) and later porting the network to Router Protocol’s existing ‘bridge’ contracts.

Partnerships

In terms of partnerships, the ever-growing Elrond Network onboarded Dfyn to its own network last month, allowing Elrond-issued assets to be traded via the latter’s interface.

“The Elrond infrastructure is essential for high bandwidth and inexpensive DeFi ecosystem. Cross-platform growth will enable projects to engage in a positive-sum game and share the upside of adoption outside of the current crypto boundaries,” said Beniamin Mincu, CEO of Elrond Network, at the time.

Yet another partnership in May saw Dfyn partner with Terra Money for the latter’s expansion to the Polygon Network. Terra is PoS blockchain network built on the Cosmos network consisting of a suite of fiat-pegged stablecoins that are collateralized by the native staking and governance asset of the network, LUNA, which has an elastic supply to help maintain the price pegs of those circulating stablecoins.

As part of the collaboration with Terra, Dfyn will be hosting liquidity farms for TerraUSD—offering yields for users staking in UST pools. Dfyn will additionally set up a node on Terra, expanding liquidity for the latter’s users.

The Dfyn working

AMMs, for the uninitiated, are smart contract-based DEXs that allow users to trade cryptocurrencies in a wholly permissionless manner via the use of decentralized liquidity pools (as opposed to the traditional market where buyers or sellers could be centralized).

Most AMMs run on a certain blockchain and allow users to trade cryptocurrencies and tokens related to that particular blockchain. This means an Ethereum-based DEX can only facilitate the trading of Ethereum and other ERC20 assets (and not tokens issued on Tron, Solana, or Binance Smart Chain).

Dfyn is currently in process of expanding the Dfyn AMM to different chains like Algorand, Elrond, BSC, and others. Once Dfyn nodes are launched on all the chains, Dfyn will leverage cross-chain capabilities developed by Router Protocol to enable cross-chain swaps and smart order routing. It should also be noted that Dfyn and Router Protocol are built and managed by the same team.

The project has zoomed to a $35 million market cap since its launch in May. DFYN trades at $3.5 at press time.

Disclaimer: CryptoSlate holds a financial position in Dfyn. CryptoSlate was given the opportunity to participate in the private sale of Dfyn in exchange for news and other types of coverage. CryptoSlate was not paid for this article.

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Source: https://cryptoslate.com/defi-project-dfyn-buzzes-to-200m-tvl-secures-3-major-partnerships-just-weeks-after-launch/

Blockchain

How a British Teacher Lost £120K in a Bitcoin Scam on Instagram

A 63-year-old British woman parted with her pension pot and life savings due to a fraudulent Bitcoin investment scheme.

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Teresa Jackson – a retired teacher from Portishead, Somerset – lost her savings in an online scam. A mysterious ”financial advisor” persuaded her to stake £120,000 in a bitcoin investment scheme advertised on Instagram.

Universal Credit Instead of Multiplying Her Money

The UK’s national reporting center for fraud and cybercrime sounded a note of caution that crypto investing could be a hazardous operation.

Action Fraud and Citizens Advice informed about the case of Teresa Jackson. Impressed by a Bitcoin investment plan on Instagram, the retired 63-year-old teacher started contemplating whether to place some of her funds in it.

Subsequently, she was contacted by an individual who claimed to be a financial advisor with outstanding knowledge about Bitcoin. The anonymous man supposedly sounded very thrust-worthy and persuaded Jackson to invest £120,000, which was actually her pension pot and life savings.

Shortly after she sent the money, she tried to contact the ”advisor” and check what happened with her investment, but there was no answer, and the funds were irrevocably gone:


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”I felt embarrassed and stupid. My family trusted me to know what I was doing. I am on Universal Credit now, simple as that. I’m comfortable but I can’t have the life I used to have.”

Ms. Jackson received back half of her money from her bank when she informed them about the scam. However, the institution was unable to restore the full amount because she transferred the cash herself.

Action Fraud’s Recommendations

Working together with the City of London Police and the National Fraud Intelligence Bureau (NFIB) – Auction Fraud – the authorities cautioned about the dangers of crypto trading. One of the leading reporting centers for cyber scams revealed that intimidators advertise tempting investments but, in the end, steal the money of the victims:

”Fraudsters will cold call victims and use social media platforms to advertise ‘get rich quick’ investments in mining and trading in cryptocurrencies.”

The hackers would then convince the people caught in the hoax to sign up to unknown cryptocurrency investment websites and open a trading account using their driving licenses or credit cards. But, unfortunately, investing just an initial minimum deposit is never enough, and the intimidators start pushing the victims to put in more and more to gain higher profit.

In many cases, the victims realize they have been conned. Then they see the social media with their investment deactivated, and the fraudsters can not be contacted any more, just like it happened with Teresa Jackson.

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Source: https://cryptopotato.com/how-a-british-teacher-lost-120k-in-a-bitcoin-scam-on-instagram/

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Blockchain

UK Bank Bans Crypto Purchases From Binance and Kraken, Reports

TSB is reportedly taking actions to prevent its customers from using Kraken and Binance to buy crypto because of their alleged poor safety measures.

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British banks are making it increasingly difficult for their customers to get involved with crypto, citing particular concerns related to security and exposure to fraud.

According to a report by the British newspaper The Times, TSB bank is reportedly about to ban its customers from buying crypto with funds managed by the bank. TSB is reportedly concerned about an “excessively high” fraud rate related to crypto exchanges operating in the country.

TSB Could Be Cutting Ties With Crypto Exchanges For Safety Reasons

The Times claims to have reliable information that TSB is going to ban the purchase of crypto with cash via Binance and Kraken. Apparently, the low security standards of these platforms facilitate the works of scammers, in particular the setup of e-wallets.

According to the reports, TSB has received at least 849 fraud complaints between March 15 and April 15 by Binance users. The bank claims that all attempts to communicate with Binance have been unsuccessful. However, Binance says it has never received any messages from the bank’s security team.

Without directly referring to TSB, a spokesman for Binance reiterated the exchange’s commitment to working for the security of its customers, assuring that it is company policy to prioritize the issue:


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“Binance is very serious about its responsibility to protect users from scams. When we are made aware of these claims, we immediately take action and have an excellent record of working with law enforcement agencies.”

But Kraken was much more direct. Steven Christie, global head of compliance at Kraken, denied TSBs allegations, although he made no reference to the stance they will take on this possible outbreak of new wire fraud:

“We categorically deny the allegation that Kraken does not respond to calls for assistance on incidents of fraud. Kraken responded to well over 1,000 different requests from law enforcement agencies in 2020 alone. Kraken operates in full compliance with law enforcement agencies.”

Investors Are Making Things Easier For Scammers In The UK

Fraud reports are a sensitive issue for the bank as it offers a fraud protection service in which it refunds the money lost in the event that a person has been a victim of a scam. The bank has also asked for caution towards crypto-related scams.

So far, TSB bank has not issued any official statement regarding its stance towards Kraken of Binance, however, the interest of UK regulators in overseeing cryptocurrency-related activity has been on the rise.

Recently, a survey by the UK’s Financial Conduct Authority revealed that the number of cryptocurrency investors had increased from last year, as had the average worth of cryptocurrency holdings by retailers.

However, the FCA also found that the number of people with a poor understanding of cryptocurrencies also increased even though they invested in them.

This is a worrying development for law enforcement and crime prevention agencies, as it provides a breeding ground for scammers and criminals to take advantage of a larger potential pool of victims who are less savvy than in previous years.

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Source: https://cryptopotato.com/uk-bank-bans-crypto-purchases-from-binance-and-kraken-reports/

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Blockchain

Bitcoin Gets More Popular in The UK, But Few People Actually Understand It

The people in the UK seem more interested in cryptocurrencies, but many lack basic knowledge about them.

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The latest data revealed that 78% of the UK residents have heard of cryptocurrencies, as 2.3 million of them hold some of them. Nonetheless, the overall understanding of digital assets has declined.

More HODLers But Less Crypto Knowledge

Digital assets remain a complicated industry in the UK, and the share of people investing in them is significantly lower than in other countries. However, the public awareness surged by 5% in a year, as in 2021, 78% of the locals have heard of cryptocurrencies compared to 73% in 2020, according to the FCA.

The number of individuals who own virtual assets has also increased as 2.3 million Britons have some cryptocurrencies, representing 4.4% of the population. Last year’s data showed this percentage to be 3.9%.

The locals seem to have invested a bit more this year and pushed the median holding from £260 ($361) to £300 ($417). Most crypto investors are male, wealthy, over 35, and with excellent educational levels.

Nearly half of the surveyed (47%) considered the crypto market a gamble in 2020. Now this percentage decreased to 38%, and more people see it as an option to invest at some point.


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The FCA, though, reported that many of the Britons lack basic knowledge about virtual assets, and their investment could turn to be very risky:

”Some crypto users may not fully understand what they are buying.”

More Britons Prefer BTC Than Stocks

Despite the confusion that crypto seems to cause for the Britons, most have invested in Bitcoin rather than stocks and shares Isas last year. A survey conducted by Find Out Now suggested that nearly 7% of the locals have located some of their wealth in the primary cryptocurrency while 5% have done this in traditional stocks and shares. Laith Khalaf – a financial analyst – commented that according to the data, the society converts to crypto:

”When more people are buying cryptocurrency than investing in a stock market Isa, you have to conclude the world’s gone crypto crazy.”

The vast majority of the investors claimed to have made a profit from their crypto dealings, while 12% reported a loss.

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Source: https://cryptopotato.com/bitcoin-gets-more-popular-in-the-uk-but-few-people-actually-understand-it/

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Indian Police Arrested ”Crypto King” Who Traded Drugs for Bitcoin

The ”Crypto King” will wait to hear his punishment after being arrested for trading drugs with bitcoin on the Darknet.

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India’s Narcotics Control Bureau (NCB) arrested Makarand Pardeep Adivirkar, better known as the ”Crypto King”, on suspicion of purchasing drugs from the Darknet using bitcoin. Apart from Indian peddlers, the criminal also bought narcotics from European ones.

LSD for BTC

The NCB announced that it arrested a suspect who allegedly exchanged bitcoin for LSD. He was later identified as Makarand Pardeep Adivirkar, a.k.a. the ”Crypto King”. The criminal operated on the notorious Darknet, where numerous outlaws trade illegal substances like drugs and weapons:

”His modus operandi was to receive cash, and provide bitcoins on marginal profits by using his wallet that was used to purchase drugs from the Darknet.”

The investigation revealed that it found 20 LSD blots in Kharodi Village, Malad. The Director of the Mumbai Unit of NCB – Sameer Wankhede – informed that the ”Crypto King” has connections with European drug dealers as he bought the narcotics from Europe:

”In November 2020, a team of NCB Mumai had seized 20 LSD blots from Kharodi Village in Malad. The seized psychotropic substance was purchased from Europe by using bitcoin.”

The NCB will conduct a further investigation on the case. As of the moment, it remains unclear what punishment Adivirkar will face.

The Dark Side of Crypto

Recently, another suspect was arrested for processing $25 million worth of BTC illegally. Kais Mohammad – a resident of the luxurious part of Los Angeles Orange County – will spend the next 24 months in federal prison for operating an illegal BTC ATM service.


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The criminal, also known as ”Superman29” pleaded guilty to the charges of operating unauthorized money transmitting business, money laundering, and so forth.

Mohammad was the leader of the illegal digital currency money services business – Herocoin – from December 2014 to November 2019. During this period, he offered Bitcoin-to-cash exchange services, charging fees of up to 25 percent – significantly above the usual market rate.

Interestingly, most of his clients were criminals and he never cared about the source of their funds. The US authorities even put into action undercover agents, who reached out to the outlaw for his services. They told him that their money comes from prostitution, human trafficking, and dark web activities, but Mohammad still did business with them and exchanged the cryptocurrency.

In addition to the two years that he has to spend behind bars, ”Superman 29” also agreed to give over 17 BTC ATMs, 18.5 BTC, 222.5 ETH, and $22,820 in cash to the authorities.

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Source: https://cryptopotato.com/indian-police-arrested-crypto-king-who-traded-drugs-for-bitcoin/

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