Blockchain Bites: OKEx Freezes Withdrawals, DeFi Audits Queue, Nigeria Urges Crypto Adoption

Saturday 17 October 2020, 2:38 AM AEST - 1 week ago

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OKEx has frozen withdrawals, audit firms are experiencing a backlog of DeFi projects and the Trump administration is examining DLT for national defense.

Audit (back)logs
Crypto code audit firms say they are swamped with decentralized finance (DeFi) projects. Three of the most well-regarded auditors in the space – OpenZeppelin, Quantstamp and Trail of Bits – told CoinDesks William Foxley they are all booked until at least Q1 2021. For example, Quantstamps Juliano Martinez said the high volume of applicants has led to his company rejecting lots of projects. The months-long backlog comes amid a sharp pullback across the $11 billion DeFi market, with most tokens down 19% over the last 30 days, according to Messari.

Bitcoin grants
Coinbase is sponsoring at least two Bitcoin Core developers with its new Crypto Community Fund. The San Francisco-based exchange announced the grant program Thursday, after years of pushback from the crypto community that Coinbase was profiting from bitcoins open-source nature without paying in. Direct contributions to and review of Bitcoin Core, contributor tooling, Bitcoin libraries and testing improvements are all applicable to the grant program. Coinbase would not reveal the size of the fund but did say in an emailed statement that it hopes to increase the fund over time.

DLT defense
The Trump Administration has included distributed ledger technologies (DLT) in its strategy for preserving Americas technological supremacy over China and Russia. DLT is one of 20 focus areas on the National Security Councils critical and emerging technologies shortlist, released Thursday. The NSCs strategy calls for investing in, developing, adopting and promoting the priority technologies, which also include AI, data science, quantum computing and space technologies, weapons of mass destruction mitigation technologies, and others.

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