Welcome to Finance Redefined, your weekly digest of essential updates from the world of decentralized finance (DeFi). Here’s a recap of the key events from the past week.
The latest in DeFi was dominated by the zkSync (ZK) token airdrop, which saw a significant portion of distributed tokens promptly sold by recipients.
In another major incident, Kraken exchange fell victim to a $3 million exploit, yet security experts from CertiK claimed it was conducted as a white hat operation. Following a tense period of allegations and negotiations, CertiK returned the pilfered assets to Kraken.
Kraken Recovers $3 Million in Bug Bounty Saga with CertiK
Kraken has successfully retrieved the nearly $3 million in missing digital assets after a high-profile bug bounty exploit. This resolves the Kraken-CertiK saga that began on June 9.
Nicholas Percoco, Kraken’s chief security officer, confirmed the recovery of the funds, albeit with deductions for transaction fees. The incident unfolded when Percoco disclosed the loss on June 19, attributing it to a “security researcher” who withdrew funds from the treasury after identifying and sharing a vulnerability.
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MetaMask Enhances Privacy Policies: Updates for Users
Consensys, the parent company of MetaMask, has revised its privacy policy to bolster user consent, transparency, and control over personal data. According to details shared with Cointelegraph, these adjustments are designed to heighten privacy and security across Consensys’ services, including MetaMask.
Consensys implemented several significant updates to its privacy policy, ensuring transparency in processing internet protocol addresses, expanding coverage, and enhancing user data management.
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41% of Top ZK Airdrop Receivers Already Sold Tokens, Reports Nansen
A notable 41% of leading wallet addresses that received ZK tokens on June 17 have liquidated their entire allocation from the recent airdrop. This mass selling spree has contributed to a 34.5% decline in ZK’s market value since its launch.
Data from Nansen, a blockchain analytics firm, reveals that 29.2% of addresses sold some portion of their tokens, totaling over 486 million ZK. Approximately 30% of the top recipients have retained their ZK holdings.
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1inch Collaborates with Blockaid to Strengthen DeFi Security
DeFi platform 1inch has partnered with Web3 security provider Blockaid to enhance security measures within its ecosystem.
1inch Network announced its initiative on June 20 to combat fraudulent activities such as phishing scams and hacks. Highlighting Blockaid’s pre-execution transaction simulation capabilities, the platform aims to fortify DeFi security significantly.
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DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView indicates a bearish trend among DeFi’s top 100 tokens by market capitalization this week, with most showing losses on weekly charts. The total value locked in DeFi protocols has dipped below $100 billion.
Thank you for exploring the highlights of this week’s impactful DeFi updates with us. Join us next Friday for more stories, insights, and education from this rapidly evolving space.