Tuesday, July 23, 2024

Dogecoin hits 7-day high following XPayments creation, trader bribes way to $7M profit: Finance Redefined


Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a e-newsletter crafted to carry you probably the most vital developments from the previous week.

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Dealer bribes option to $7 million revenue on SatoshiVM token launch

A crypto dealer used a Banana Gun sniping software to make a $6.77 million revenue inside three hours of the launch of the SatoshiVM (SAVM) token. The software helped the dealer purchase the token earlier than the launch, which they later bought at an inflated worth after the official launch. The buying and selling bot has remained controversial since its launch, with a number of instances of funds mysteriously vanishing post-sniping.

Whereas a Banana Gun spokesperson informed Cointelegraph that it isn’t a difficulty with the bot, some token contracts have capabilities the place the contract deployer can transfer funds out of wallets. In a single case, the tokens by no means moved to the client’s wallets as a consequence of a malicious contract.

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Solana stablecoin switch quantity hits file month-to-month excessive of $300 billion

The switch quantity of stablecoins on the layer-1 Solana blockchain hit a brand new file in January, exceeding $300 billion. Solana’s stablecoin market share is at the moment virtually 32%, a large enhance from the 1.2% share it had a yr in the past.

Stablecoin exercise on Solana began selecting up in October 2023 and has steadily elevated by 650%. Crypto information analytic platform Artemis attributed the expansion to USD Coin (USDC) switch volumes on the blockchain.

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Dogecoin hits seven-day excessive as “XPayments” account positive factors 100,000 followers in a day

Arguably the most well-liked memecoin, Dogecoin (DOGE), hit a weekly excessive following the creation of the brand new “XPayments” account on social media platform X, which clocked over 100,000 followers in a brief time period.

Whereas an official announcement about cost capabilities is but to be made, many crypto merchants on X strongly consider that DOGE may make a part of the providing as a consequence of its occasional point out by the location’s proprietor, Elon Musk. Musk beforehand allowed DOGE funds on Tesla’s merchandise store and changed Twitter’s logo to Dogecoin’s shortly after he took over the platform in April 2023, which precipitated a 22% spike in DOGE’s worth.

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Radiant Capital begins debt compensation after $4.5 million flash mortgage exploit

Cross-chain lending blockchain Radiant Capital commenced the method of repaying the $4.5 million “unhealthy” debt brought on by a flash mortgage exploit in early January 2024. The compensation was performed in accordance with the RFP-27 proposal, which handed on Jan. 8. Almost three-quarters (73%) of customers voted to repay the unhealthy debt utilizing current funds from the Radiant DAO treasury and working expenditures. Radiant misplaced 1.3% of its whole worth locked as a result of exploit.

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MailerLite confirms hack that led to $3.3 million crypto-phishing e mail assaults

A coordinated crypto hack and phishing marketing campaign was a direct results of hackers having access to MailerLite’s providers. The hacker made into the accounts of huge Web3 corporations to hold out phishing e mail scams that drained an estimated $3.3 million from subscribers. MailerLite confirmed that the hackers accessed 117 accounts however solely exploited a small quantity to launch phishing campaigns.

The service supplier warned that its shoppers’ and subscribers’ information — together with full names, e mail addresses and private data uploaded to MailerLite — had been affected.

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DeFi market overview

Knowledge from Cointelegraph Markets Pro and TradingView reveals that DeFi’s prime 100 tokens by market capitalization witnessed a bullish comeback this week. The whole worth locked into DeFi protocols remained above $71.6 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 training relating to this dynamically advancing house.