Welcome to the latest edition of Finance Redefined, where we bring you the most important updates from the world of decentralized finance (DeFi) every week.
Last week in DeFi was marked by the zkSync (ZK) token airdrop, with a notable portion of recipients quickly selling their tokens. Additionally, the Kraken exchange fell victim to a $3 million exploit, which was later resolved with the help of security firm CertiK.
Kraken successfully retrieved the stolen funds, totaling nearly $3 million, putting an end to the Kraken-CertiK saga that unfolded on June 9. Nicholas Percoco, Kraken’s chief security officer, confirmed the return of the assets, albeit with transaction fees deducted. The incident began when a security researcher discovered a bug and withdrew the funds from Kraken’s treasury.
In other news, Consensys, the company behind MetaMask, updated its privacy policy to enhance user consent, transparency, and control over personal data. The changes aim to provide increased privacy and security measures for users of Consensys services, including MetaMask.
Furthermore, Nansen reported that 41% of the top wallets that received the ZK token in the airdrop had already sold their entire allocation, leading to a 34.5% price drop since its launch. A substantial amount of ZK tokens were sold, while some holders chose to retain their tokens.
1inch also made headlines by partnering with Blockaid to bolster security measures and combat DeFi fraud and cyber threats within its ecosystem. The collaboration aims to prevent fraudulent activities such as phishing scams and hacks by utilizing Blockaid’s security features.
Lastly, data from Cointelegraph Markets Pro and TradingView revealed a bearish week for DeFi’s top 100 tokens, with most trading in the red on weekly charts. The total value locked in DeFi protocols dipped below $100 billion.
Thank you for staying updated on the latest DeFi developments. Join us again next Friday for more insights, stories, and education on this rapidly evolving space.