Welcome to Finance Redefined, your weekly update on essential decentralized finance (DeFi) insights. This newsletter is designed to keep you informed about the most important developments from the past week.
The past week in DeFi was marked by the zkSync (ZK) token airdrop, with a significant number of the wallets that received the airdropped tokens already selling them.
In another major event, the Kraken exchange was exploited for $3 million, but security firm CertiK claimed it was a white hat operation. After several days of back and forth, the security firm returned the exploited assets to the crypto exchange, effectively ending the Kraken-CertiK saga.
Kraken has recovered the missing funds following the bug bounty exploit fiasco, confirming the return of the stolen digital assets worth nearly $3 million. Nicholas Percoco, Kraken’s chief security officer, announced the recovery of the funds and the end of the saga.
MetaMask, the company behind MetaMask, has updated its privacy policy to enhance user consent, transparency, and control of their personal data. The changes aim to provide greater privacy and security measures for users of Consensys’ services, including MetaMask.
According to blockchain analytics firm Nansen, nearly 41% of the top wallets that received the new ZK token have already sold their entire allocation in the airdrop, contributing to a 34.5% fall in the price of ZK since its launch.
DeFi platform 1inch has partnered with Web3 security provider Blockaid to upgrade security measures within its ecosystem, aiming to identify and prevent fraudulent activities like phishing scams and hacks.
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bearish week, with most trading in the red on the weekly charts. The total value locked in DeFi protocols fell below $100 billion.
Thank you for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education regarding this dynamically advancing space.