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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
March 30, 2022
Decentralized finance platform Ronin Network announced a hack of more than $625 million in cryptocurrencies, possibly the largest crypto hack on record.
Details: The hackers reportedly targeted the gaming-focused Ronin Network to access USDC and ether cryptocurrencies.
Background: The attack might be the largest ever of a DeFi platform, surpassing last year’s hack of the Poly Network. That event netted the attackers $600 million in cryptocurrencies, much of which was later returned.
More: An ICBA blog post spotlights what DeFi means for community banks. Other recent posts focus on stablecoin market developments and how Washington is responding.