Crypto Updates

DeFi enjoys a prolific start to 2023: Finance Redefined

DeFi enjoys a prolific start to 2023: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.

2023 started on a bullish note for the entire crypto market, including the DeFi ecosystem, with most of the tokens posting double-digit gains in January and recording multi-month highs. Aside from the bull rally, January also saw a 93% year-on-year decline in losses from DeFi exploits and hacks.

The slew of regulatory action against the Mango Markets exploiter is being hailed as a big win for the DeFi sector. The United States Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have taken action against the alleged fraudster, which shows that DeFi is becoming a “safer and more welcoming environment,” according to credit rating firm Moody’s.

Amid all the positive developments, Solana DeFi protocol Everlend shut down over liquidity issues stemming from the FTX crisis and told users to withdraw funds. North Korean hackers also tried laundering $27 million in Ether (ETH) from the Harmony bridge attack.

The bullish momentum of the top 100 DeFi tokens continued into February as the total value locked (TVL) in DeFi protocols reached nearly $50 billion, with most tokens registering another weekly price surge.

DeFi enjoys prolific start to 2023: DappRadar

DeFi protocols experienced a boom in TVL across different staking pools in January. The market hit $74.6 billion worth of staked assets, increasing by 26% from December.

In its latest monthly report, DappRadar outlined the growth of the DeFi sector alongside rejuvenated nonfungible token (NFT) markets, which have also had upticks in trading volume and sales.

Continue reading

Crypto exploit losses in January see nearly 93% year-on-year decline

Aside from the bullish crypto market rally in January, there’s been more positive industry news as the month saw a steep decline in losses from exploits compared to January 2022.

According to data from blockchain security firm, PeckShield, as of Jan. 31, there were $8.8 million in losses from crypto exploits. There were 24 exploits over the month, with $2.6 million worth of crypto sent to mixers such as Tornado Cash. The breakdown of assets sent to mixers includes 1,200 ETH and approximately 2,668 BNB.

Continue reading

Regulatory action against Mango Markets exploiter is a win for DeFi — Moody’s

Recent charges brought against Mango Markets exploiter Avraham…

Click Here to Read the Full Original Article at News…