Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) information, a newsletter crafted to bring you the biggest happenings of the past week.
The lowest value of funds stolen from DeFi was recorded at the end of 2022, with exploits worth USD 62 million in the month of December. Although the figure might seem like a relief given the multiple cross-chain bridge hacks and hundreds of millions of dollars stolen this year, cybersecurity experts have warned that the ecosystem would not see a decline in exploits, flash loans or scams. departure in 2023.
The Lido protocol surpassed MakerDAO to have the highest total value locked (TVL) in the DeFi ecosystem. In other news, Mango Markets hacker Avraham Eisenberg has been detained pending trial.
The start of the new year saw the hack of a GMX whale worth $3.5 million in GMX tokens. The hackers gained control of 82,519 GMX tokens, exchanged the assets for 2,627 Ether (ETH), and then transferred the assets to the Ethereum network using Hop Protocol and Across Protocol.
The top 100 DeFi tokens started the year higher, with most tokens trading in the green on the weekly charts.
Thefts worth $62 million worth of cryptocurrency in December was the “lowest monthly figure” in 2022: CertiK
Hackers and cryptocurrency thieves appear to have slowed down during the 2022 holidays, with $62.2 million worth of cryptocurrency stolen in December. It was the “lowest monthly number” of the year, according to CertiK.
On December 31, the blockchain security company posted on Twitter a list of the most significant attacks of the month. It highlighted $15.5 million worth of exit scams as the method that exploited the most value throughout the month, followed by $7.6 million worth of flash loan-based exploits.
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No “respite” from exploits, flash loans or exit scams in 2023
The new year is a fresh start for malicious actors in the crypto space and 2023 likely won’t see a slowdown in scams, exploits and hacks, according to CertiK. The blockchain security firm told Cointelegraph its expectations for this new year regarding bad actors in the space.
CertiK noted “devastating” cross-chain bridging exploits in 2022. Six of the top 10 exploits during the year were for cross-chain bridging solutions, worth some $1.4 billion.
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Lido surpasses MakerDAO and already has the highest TVL in DeFi
The Lido Finance liquid staking protocol has benefited the most from the Ethereum merger in September, and its TVL now ranks first among other DeFi protocols.
According to data from Defi Llama, the Lido protocol currently has $5.9 billion in TVL, surpassing MakerDAO’s $5.89 billion and Aave’s $3.7 billion.
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Avraham Eisenberg, Mango Markets thief, detained pending trial
In a new update to the Mango Markets exploit saga, the United States District Court for the District of Puerto Rico has issued an arrest warrant against infamous Mango Markets exploiter Avraham Eisenberg.
After holding a detention hearing, United States Coroner Bruce McGiverin decided that Eisenberg needed to be detained for a number of reasons. According to court documents, there is no condition or combination of conditions for Eisenberg’s release that would reasonably guarantee his appearance.
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market review
Analytical data reveals that the total market value of DeFi remained below $40 billion last week, trading around $38.5 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization had a volatile and bullish week, with almost all tokens trading in the green.
Thanks for reading our roundup of this week’s most impactful DeFi news. See you next Friday for more stories, perspectives, and insights into this ever-evolving space.
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