Rug pulls and other scams in the decentralized finance (DeFi) space over the past year have helped the revenue generated by cryptocurrency scams surge 81% in 2021 to hit $7.7 billion.

Cryptocurrency lender Nexo has launched a non-fungible token (NFT) lending desk in partnership with cryptocurrency hedge fund Three Arrows Capital. The lending desk offers crypto credit backed by NFTs to over-the-counter clients.

Commission-free trading app Robinhood is launching a feature allowing users to gift cryptocurrencies to one another. Beginning December 22, all of the app’s users – except those in Nevada and Hawaii – will be able to share digital gift cards and written messages of up to 180 characters to gift crypto.

Sponsored: You’ve probably heard all about Curve Finance, the popular decentralized exchange for stablecoins, but may be put off by having to manage another on-chain wallet. Bybit has simplified the process for users like you, so you can get easy access to DeFi on Bybit.

Top stories in the Crypto Roundup today:

• Crypto Scam Revenue Rose 81% in 2021
• Crypto Lender Nexo Launches NFT Lending Desk
• Robinhood Unveils Crypto Gifting Feature
• Crypto Market Movers – LUNA, ROSE, GALA
• Sponsored: Check Out The Newest Liquidity Mining Pool on Curve Finance

Crypto Scam Revenues Rose 81% in 2021

Rug pulls and other scams in the decentralized finance (DeFi) space over the past year have helped the revenue generated by cryptocurrency scams surge 81% in 2021 to hit $7.7 billion.

According to Chainalysis’ 2022 Crypto Crime Report, DeFi rug pulls accounted for 37% of all crypto scam revenue, up from 1% in 2020. In these scams, developers create seemingly legitimate crypto projects to then abscond with investors’ funds.

The firm highlighted that code audits, which could be used to find vulnerabilities allowing scammers to target unsuspecting investors, are not a requirement for a project to list its token on decentralized exchanges (DEXs).

While cryptocurrency scam revenues went up in 2021, they’re still down from the highs seen in 2019, when scammers made nearly $10 billion. The number of deposits to investment scam addresses dropped from 10.7 million in 2020 to 4.1 million in 2021, suggesting there were fewer individual victims.

Crypto Lender Nexo Launches NFT Lending Desk

Cryptocurrency lender Nexo has launched a non-fungible token (NFT) lending desk in partnership with cryptocurrency hedge fund Three Arrows Capital. The lending desk offers crypto credit backed by NFTs to over-the-counter clients.

Nexo’s move will allow NFT holders to borrow stablecoins, ether, and other cryptoassets using their NFTs as collateral. The company has clarified that in its initial iteration, the service will only accept Bored Ape Yacht Club and CryptoPunks NFTs.

The firm’s clients may also use issued lines of credit as a means of art financing by executing further NFT purchases with the borrowed funds. The collaboration with Three Arrows Capital is set to provide Nexo with risk hedging, valuation, and liquidation mechanisms.

Three Arrows Capital has become the NFT Lending Desk’s first client.

Robinhood Unveils Crypto Gifting Feature

Commission-free trading app Robinhood is launching a feature allowing users to gift cryptocurrencies to one another. Beginning December 22, all of the app’s users – except those in Nevada and Hawaii – will be able to share digital gift cards and written messages of up to 180 characters to gift crypto.

After receiving a crypto gift, users have 14 days to accept it. New customers must download the app and sign up for an account to claim a gift they have received. Gifts can be as small as $1 and may come in the form of seven different cryptoassets.

Robinhood Chief Operating Officer Christine Brown defended the new feature saying:

"Crypto gifting is a great way for our customers to help remove the emotional and economic barrier of their friends and family taking their first step into crypto."

Brown added the feature is also an “easy and immediate gift for those that are already crypto fans.”

Crypto Market Movers – LUNA, ROSE, GALA

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Terra (LUNA) - Terra aims to build a new financial infrastructure that works better for everyone. The network is powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native token, Luna. Terra’s mission is to set money free by building open financial infrastructure.

Oasis Labs (ROSE) - The Oasis Protocol Foundation looks to support projects focused on making that privacy-first Internet a reality. From building privacy-preserving applications to developing more powerful tools for the network, to improving how it operates.

Gala (GALA) - From one of the founders of Zynga and some of the creative minds behind FarmVille and Words With Friends comes Town Star, a game for the Gala blockchain. Blockchain is the next evolution of gaming and has the $148B industry buzzing with excitement. It’s gaming re-imagined to benefit creators and players, alike.

Bybit’s DeFi Mining - Check Out The Newest Liquidity Mining Pool on Curve Finance

You’ve probably heard all about Curve Finance, the popular decentralized exchange for stablecoins, but may be put off by having to manage another on-chain wallet. 

Bybit has simplified the process for users like you, so you can get easy access to DeFi on Bybit. 

All you have to do so:

1. Choose among 7-, 14-, and 21-day product plans.
2. Stake USDT. 
3. Sit back and collect your rewards.

It’s that easy. 

Terms and conditions apply. Check it out now!

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