The recent week in the world of decentralized finance (DeFi) witnessed a surge in memecoins, with celebrities jumping on the bandwagon and launching their own memecoins. This marks a shift from the previous trend of celebrities launching nonfungible tokens (NFTs) in 2021-2022. Amidst all the meme frenzy, pop star Iggy Azalea came up with a unique plan to avoid scams and rug pulls.
In other news, a trader who had lost 1,807 liquid-staked Ether (ETH) worth $6.91 million seems to have recovered a significant portion of the stolen funds from scammers. According to a report by Immunefi, crypto losses resulting from hacks and frauds decreased by 12% in May compared to the previous year.
The top 100 DeFi tokens had a mixed week, with most tokens trading in the green and the total value locked in DeFi contracts remaining above $100 billion.
Immunefi’s report highlights the ongoing trend of decreasing losses from hacks and frauds in the Web3 industry. In March, Immunefi reported a 23% decline in losses in Q1 2024 compared to the previous year. In April, CertiK reported the lowest losses ever for that month.
Moving on, Iggy Azalea, the popular pop star and newly emerged crypto star, announced her plan to burn her own coins whenever a celebrity coin is identified as a scam. This strategy aims to build trust and integrity within the crypto community and distinguish Azalea from other controversial celebrities.
However, despite her efforts, Bubblemaps recently alleged that insiders bought a significant portion of Azalea’s memecoin, Mother Iggy (MOTHER), before its launch. These insiders reportedly dumped their holdings for $2 million just before Azalea announced the launch.
Additionally, an exploit on the BNB Smart Chain resulted in the loss of approximately $80,000 worth of a BEP-20 token labeled as “BTC.” While this may seem like a small amount compared to other crypto exploits, it raises questions about the attacker’s intentions. It is speculated that the attacker could be a white hat or ethical hacker who uses their skills to identify security vulnerabilities.
On a positive note, a victim who lost 1,807 liquid-staked ETH worth $6.91 million in a restaking exploit on May 26 appears to have received a significant portion of the stolen funds back from the scammers. This is considered a rare occurrence in such cases.
In terms of the DeFi market overview, data shows that the top 100 DeFi tokens had a mixed week, with most tokens trading positively on the weekly charts. After facing bearish pressure for several weeks, the total value locked in DeFi protocols surpassed $100 billion.
That concludes our summary of the most noteworthy developments in the DeFi space this week. Join us again next Friday for more stories, insights, and educational content about this rapidly evolving industry.