DeFi
Finance Redefined — TradingView News
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news—a newsletter designed to bring you the most significant developments from the past week.
Last week saw major regulatory developments in the DeFi sector in Hong Kong, as its government looks to study and identify key opportunities in the decentralized sector.
After 14 years of fighting his extradition to the United States, Julian Assange is a free man. AssangeDAO, a decentralized organization created to help raise funds for Assange’s legal fight, has revealed that it spent $37 million to help the WikiLeaks founder secure his release.
In other news, cryptocurrency losses from DeFi hacks and exploits spiked over 100% in Q2 2024.
Hong Kong targets DeFi, metaverse for fintech expansion
Government-backed studies in Hong Kong have identified DeFi and metaverse technologies as new opportunities to strengthen the region’s dominance in the global fintech landscape.
The Hong Kong Institute of Monetary and Financial Research, the research arm of the Hong Kong Academy of Finance, released two reports on June 25, each detailing the implications of DeFi and the metaverse on the financial sector.
The Hong Kong DeFi report highlighted the explosive growth of the ecosystem, growing from a modest market cap of $6 billion in 2021 to over $80 billion in 2023.
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AssangeDAO Member Silke Noa Claims She Spent $37 Million to Save Assange
AssangeDAO member Silke Noa said in an X-rated post that out of 16,593 Ether ETH/USDApproximately 11,000 ETH worth $37 million was spent on AssangeDAO’s legal defense and campaign by The Clock.
To free Assange, Noa explained that the 16,593 Ether allocation was administered by the Wau Holland Foundation “from their Safe.global multisig wallet address.”
Julian Assange, an Australian journalist and activist, founded WikiLeaks, a platform that publishes confidential and sensitive documents. He has been imprisoned since April 2019.
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Cryptocurrency losses from hacks and scams soared 113% in Q2 2024 to $572 million
Cryptocurrency losses due to hacks and scams more than doubled in the second quarter of 2024 compared to the same period a year earlier, according to a study by blockchain security platform Immunefi.
Over $572 million was lost in the second quarter, compared to just $220 million in Q2 2023. Hacks of centralized exchanges accounted for the majority of the quarter’s losses. Prior to Q2, losses from hacks and scams were declining, with Immunefi reporting a 23% reduction in Q1. This decline continued through April and most of May, but losses increased significantly in late May and June.
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$11M in Tokens Stolen From MakerDAO Delegate in Phishing Scam
A MakerDAO governance delegate lost $11 million worth of Aave Ethereum Maker Tokens (aEthMKR) and Pendle USDe in a phishing scam due to signing multiple signatures.
Scam Sniffer detected the incident in the early hours of June 23. The user fell victim to the phishing scam after signing multiple signatures, resulting in the loss of his digital assets.
Wu Blockchain reported that Arkham discovered that the victim in this case was a MakerDAO governance delegate. The delegate plays a key role in the MakerDAO system, contributing to its decision-making processes. Delegates are responsible for voting on governance proposals, polls, and executive votes, influencing important decisions within the Maker protocol.
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DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a mixed week. Most of them traded in the red on weekly charts, and the total value locked in DeFi protocols fell below $100 billion.
Thanks for reading our roundup of this week’s most notable DeFi developments. Join us next Friday for more stories, insights, and news on this ever-evolving space.