Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
This week in DeFi saw the hacker behind the $8.9 million SafeMoon exploit agree to return the majority of the stolen funds. According to the project’s developers, the hacker will return 80% while keeping the remaining 20%.
United States crypto lender BlockFi was granted an additional 48-day extension to submit its exit plan by a New Jersey bankruptcy judge, exploring the potential sale of company assets and restructuring.
Ether (ETH) price hit a new 11-month high even as post-Shapella withdrawals peaked at over 1 million ETH. Meanwhile, Ethereum gas fees touched new multimonth highs owing to a fresh memecoin frenzy. The heavy traffic on the network allowed a maximal extractable value (MEV) bot to make millions in sandwich exploits.
The top 100 DeFi tokens broke out of a two-week bullish streak that began in anticipation of Ethereum’s Shapella upgrade, with most of said tokens trading in the red on the weekly charts.
SafeMoon hacker agrees to return 80% of stolen funds, says the development team
The attacker who drained $8.9 million worth of BNB (BNB) from SafeMoon has agreed to return 80% of the funds, according to an April 18 blockchain message from the SafeMoon team.
The encoded message was the latest in a series of communications between the SafeMoon team and the attacker as the parties attempted to settle.
Crypto lender BlockFi is granted extra time to file Chapter 11 exit plan
BlockFi, a lender of digital assets, was given additional time to submit a bankruptcy exit plan by a New Jersey bankruptcy judge in the United States on April 19.
The cryptocurrency lender filed for bankruptcy in November 2022 and has been reportedly granted a 48-day extension until May 15 to file an exit plan. The crypto firm is exploring a potential sale of company assets or the possibility of getting an outside backer to support a restructuring deal, BlockFi lawyer Joshua Sussberg said in a hearing on April 19.
Ether hits 11-month high as post-Shapella withdrawals pass 1 million ETH
Over 1 million ETH, worth $2.1 billion, was withdrawn from Ethereum’s Beacon Chain within the first four days of the Shapella hard fork, with Ether reaching over $2,100 for the first time in 11 months.
The 1.03 million ETH withdrawn came from 473,700 withdrawal requests, with April…
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