Co-executive directors Hsiao-Wei Wang and Tomasz Stańczak resign, marking at least eight senior departures in five months.
Six of eight borrowers in default or restructuring, depositors report 70% losses vs. protocol’s 20%. Lend East, Tugende, Stratos accounted for $18M in losses alone.
Andre Cronje, Michael Kong, David Richardson step down from board; Matt Visser named new CEO. Token down 97% from peak.
$4.67M drained via Secret Network contract, exploit undetected for 9 days due to encrypted transactions. ICS-20 patch existed since March.
SEC Commissioner Hester Peirce discusses pragmatic tokenization of securities via a proposed 'innovation exemption' for onchain trading, critiques outdated equity rules like 611, and outlines regulatory priorities including SEC-CFTC coordination, custody, and pre-IPO market access.
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