Bloomberg Law
Nov. 9, 2022, 6:40 PM

Crypto Collapse Spurs $10 Billion Drop in Decentralized Finance

Muyao Shen
Muyao Shen
Bloomberg News

Decentralized finance is feeling the pain of Binance’s proposed takeover of, with investors yanking cash from projects as uncertainty lingers about the future of one of the largest crypto exchanges.

The total value of cash locked in DeFi dropped by more than 12% in the past day, after hovering around $50 billion to $60 billion since June, according to data tracker DeFi Llama. That number stood at more than $180 billion last December.

CFTC Commissioner Kristin Johnson says the agency is ready to take a bigger role in the regulation of cryptocurrencies.
Markets: The Close.”

The drop comes merely months after algorithmic stablecoin TerraUSD fell apart in early May, wiping out billions of dollars from DeFi projects. At the ...