Welcome to Finance Redefined, your weekly digest of essential insights into decentralized finance (DeFi) — a newsletter crafted to deliver the most significant developments of the past week.
The past week in DeFi witnessed pivotal regulatory strides in Hong Kong, where the government aims to explore and harness key opportunities within the decentralized sector.
After a 14-year legal battle against extradition to the United States, Julian Assange has been granted freedom. AssangeDAO, a decentralized organization established to support Assange’s legal defense, disclosed spending $37 million to secure the release of the WikiLeaks founder.
In other news, losses from crypto hacks and exploits in DeFi surged by over 100% in the second quarter of 2024.
Hong Kong Sets Sights on DeFi and Metaverse for Fintech Expansion
Hong Kong authorities have identified DeFi and metaverse technologies as promising avenues to bolster the region’s position in global fintech dominance.
The Hong Kong Institute for Monetary and Financial Research, a division of the Hong Kong Academy of Finance, published two reports on June 25th. These reports delve into the potential impacts of DeFi and metaverse technologies on the financial sector.
The DeFi report from Hong Kong highlighted the sector’s rapid growth, with market capitalization skyrocketing from $6 billion in 2021 to over $80 billion by 2023.
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AssangeDAO Member Silke Noa: $37 Million Spent on Assange’s Legal Defense
Silke Noa, a member of AssangeDAO, revealed in a recent post that the organization allocated 16,593 Ether (ETH) — approximately valued at $37 million — towards legal expenses and advocacy efforts through “The Clock,” managed by the Wau Holland Foundation’s Safe.global multisig wallet address.
Noa explained that this initiative aimed to secure Assange’s freedom. The Australian journalist and activist, founder of WikiLeaks, has been detained since April 2019.
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Crypto Losses from Hacks and Scams Surge by 113% in Q2 2024 to $572 Million
According to research by blockchain security platform Immunefi, losses from crypto hacks and scams more than doubled in the second quarter of 2024 compared to the same period last year, reaching a total of $572 million.
The majority of losses in the quarter were attributed to hacks on centralized exchanges. Prior to Q2, losses from such incidents had been decreasing, with Immunefi reporting a 23% reduction in Q1. However, the trend reversed in late May and June, leading to a sharp increase in losses.
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MakerDAO Delegate Loses $11 Million in Tokens to Phishing Scam
A governance delegate of MakerDAO lost $11 million worth of Aave Ethereum Maker (aEthMKR) and Pendle USDe tokens in a phishing scam involving multiple signature approvals.
Scam Sniffer detected the incident on June 23. The delegate unwittingly fell victim to the scam by approving multiple signatures, resulting in the loss of their digital assets.
According to Wu Blockchain, Arkham identified the victim as a governance delegate of MakerDAO. Delegates play a crucial role in MakerDAO’s decision-making process, participating in governance proposals and influencing protocol decisions.
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DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView indicates a mixed performance among the top 100 DeFi tokens by market capitalization over the past week. Most tokens recorded losses on weekly charts, and the total value locked in DeFi protocols dipped below $100 billion.
Thank you for exploring the week’s most impactful DeFi developments with us. Join us next Friday for more stories, insights, and educational content from this rapidly evolving space.