Galaxy Digital Loses $111.7m in Q1 as Crypto Markets Plunge

A diversified financial services firm dedicated to the digital asset, Galaxy Digital (GLXY) announced its financial results for the first quarter ended March 2022, with a significant financial loss.

US Labor Dept warns of crypto risks in retirement plans

“Significant risks” — Cryptocurrencies have attracted the attention of US legislators looking to decrease the exposure to digital assets in 401(k) retirement accounts. The US Department of Labor (DOL) has told 401(k) investors to "exercise extreme care" when dealing with cryptocurrencies and other digital assets citing fraud, theft, and financial loss as “significant risks”. In a compliance report, released on Thursday, the DOL offered a stark warning to employers that seek to increase their 401(k) exposure to cryptocurrencies, stating that any significant crypto investments within company-sponsored retirement accounts may attract legal attention.A 401(k) is a retirement savings plan offered by most American employers that extend tax advantages and long-term financial security to those that opt-in.

DeFi may turn to DAO governance to reduce regulatory risks in 2022: Report

“If DeFi aims to reduce regulatory risk, the form of DeFi governance will gradually become a DAO,” writes KuCoin Labs in its annual report. KuCoin Labs, the investment and research arm of crypto exchange KuCoin, has released its annual report, predictin that decentralized finance (DeFi) will still be a significant trend in the crypto industry in 2022 and governance will be run through decentralized autonomous organizations (DAOs).With the DeFi ecosystem continuing to be plagued by criminal whales, the risks of financial loss within the sector are becoming more apparent.

'Nation should not compensate investors for crypto losses' says UK's Financial Conduct Authority CEO

UK's top financial watchdog wants to bar investors from accessing government compensation in the event of crypto scams or not-at-fault financial loss.

Bank of Namibia Warns Crypto Traders It ‘Will Not Entertain Complaints’ if They Get Scammed

The Bank of Namibia (BON) has warned individuals investing in cryptocurrencies that it will not entertain their complaints should they get scammed.

KuCoin CEO Reassures They Recovered All $285 Million Stolen in Last Year’s Hack

No KuCoin users have experienced a financial loss after the 2020 hack, as the exchange has retrieved all $285 million stolen in September last year.