Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a e-newsletter crafted to convey you essentially the most important developments from the previous week.
The previous week in DeFi was headlined by the zkSync (ZK) token airdrop and the truth that a major chunk of the wallets that acquired the airdropped tokens have already offered them.
In one other main occasion, the Kraken change was exploited for $3 million, however safety agency CertiK claimed it was a white hat operation. After days of forwards and backwards with accusations of blackmailing and extortion, the safety agency returned the exploited belongings to the crypto change.
Kraken recovers $3 million from CertiK, ending bug bounty saga
Cryptocurrency change Kraken has recovered lacking funds following a high-profile bug bounty exploit fiasco. Kraken confirmed the return of the stolen digital belongings value almost $3 million, ending the Kraken-CertiK saga that began on June 9.
Nicholas Percoco, Kraken’s chief safety officer, confirmed the restoration of the funds minus transaction charges. The Kraken exec first introduced the $3 million value of lacking funds on June 19 when he claimed {that a} “safety researcher” maliciously withdrew them from the treasury after discovering a bug and sharing the vulnerability with others.
MetaMask privateness updates: What customers ought to know
Consensys, the corporate behind MetaMask, has up to date its privateness coverage to enhance person consent, transparency and management of their private information. Based on a press launch shared with Cointelegraph, the adjustments purpose to use larger privateness and safety measures for customers of Consensys’ companies, together with MetaMask.
Consensys made a number of important updates to its privateness coverage, granting web protocol tackle processing transparency, increasing its scope and bettering person information administration.
41% of prime ZK airdrop wallets have already offered every thing — Nansen
Practically half of the highest wallets that acquired the brand new ZK token on Monday, June 17, have already offered their whole allocation within the airdrop, contributing to a 34.5% fall within the worth of ZK since its launch.
Information from blockchain analytics agency Nansen reveals that just about 41% of tracked addresses offered their whole airdrop, whereas 29.2% offered at the very least a few of their tokens. The overall quantity offered throughout each cohorts was over 486 million ZK. Simply over 30% of the highest receiving wallets have held onto their ZK tokens.
1inch companions with Blockaid to fight DeFi fraud and cyber threats
DeFi platform 1inch has partnered with Web3 safety supplier Blockaid to improve safety measures inside its ecosystem.
On June 20, 1inch Community revealed its purpose of figuring out and stopping fraudulent actions like phishing scams and hacks. In an announcement, the DeFi platform highlighted that Blockaid’s safety features, which simulate transactions earlier than execution, will play an integral position in enhancing DeFi safety.
DeFi market overview
Information from Cointelegraph Markets Professional and TradingView reveals that DeFi’s prime 100 tokens by market capitalization had a bearish week, with most buying and selling within the pink on the weekly charts. The overall worth locked in DeFi protocols fell beneath $100 billion.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be a part of us subsequent Friday for extra tales, insights and schooling concerning this dynamically advancing house.
