Welcome to Finance Redefined, your weekly dose of essential information on decentralized finance (DeFi)a newsletter prepared to offer you a summary of the most important events of the last week.
Traditional finance, or TradFi, continues to explore the world of cryptocurrencies and Blockchain technology, and the World Economic Forum will hold more workshops and sessions for the sector in 2023.
Layer 1 blockchain protocol Injective has launched a $150 million ecosystem fund to support developers building on top of the Cosmos network.
The Mango Markets saga took another turn last week, as the company filed a lawsuit against exploiter Avraham Eisenberg for $47 million in damages plus interest. This is the fourth time that the Mango Markets thief has been hit with allegations or lawsuits related to his attack on the DeFi protocol.
The transaction history of the blockchain network shows that the Wormhole hacker transferred the funds to a decentralized exchange and then circulated them through different DeFi protocols.
The top 100 DeFi tokens continued their bullish momentum in the last week of January, with most tokens trading in the green and some even posting double-digit gains.
TradFi and DeFi meet at Davos 2023
In this episode of Decentralize With Cointelegraphthe team reflects on their week in Davos covering the World Economic Forum as crypto and TradFi continue to clash.
Gareth Jenkinson, a Cointelegraph journalist, spoke to several industry insiders and TradFi participants, highlighting the cross-pollination that is taking place between the two sectors. Still, only a handful of crypto participants participated in conversations within the World Economic Forum.
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Injective Launches $150M Ecosystem Fund to Drive DeFi and Cosmos Adoption
Injective, a Layer 1 blockchain protocol founded in 2018, has launched a $150 million ecosystem fund to support developers building on top of the Cosmos network.
The ecosystem group is backed by a large consortium of VC and Web3 firms, including Pantera Capital, Kraken Ventures, Jump Crypto, KuCoin Ventures, Delphi Labs, IDG Capital, Gate Labs, and Flow Traders. According to Injective, the consortium is the largest assembled within the broader Cosmos ecosystem.
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Mango Markets sues Avraham Eisenberg for USD 47 million in damages
Mango Labs, the company behind the Mango Markets DeFi protocol, has filed a lawsuit against exploiter Avraham Eisenberg.
The lawsuit, filed on January 25 in the United States District Court for the Southern District of New York, alleges that Einseberg exploited his platform to obtain millions of dollars in cryptocurrency in October 2022. It seeks $47 million in damages and damages plus interest, from the moment of the attack.
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Wormhole hacker moves $155 million in largest movement of stolen funds in months
The hacker behind the $321 million Wormhole bridge attack has moved a large chunk of the stolen funds, with transaction data showing $155 million worth of Ether (ETH) was transferred to a decentralized exchange on Jan. 23.
The Wormhole attack was the third largest cryptocurrency attack in 2022, after the protocol’s token bridge was hacked on February 2 that led to the loss of 120,000 Wrapped Ether (WETH), valued at about $321 million at that time. moment.
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DeFi Market Review
Analytical data reveals that the total market value of DeFi remained above $40 billion last week, trading around $46.1 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with almost all tokens posting price gains.
dYdX (DYDX) was the biggest gainer, up 68% on the weekly charts, followed by Fantom (FTM), up 59% weekly. Most of the other top 100 tokens also posted a bull run.
Thanks for reading our roundup of this week’s biggest DeFi events. Join us next Friday for more stories, perspectives, and information about this dynamically advancing space.
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