Last week, the world of decentralized finance (DeFi) saw a new craze for coins.

Last week in the DeFi world there was a new craze for memcoins, with celebrities launching their own memcoins – a considerable trend change between 2021 and 2022 when they launched their own non-fungible tokens (NFTs) . Amid all the ridiculous hysteria, pop star Iggy Azalea devised a “burner” plan to avoid scams and pull the rug out from under them.

Separately, a trader who lost 1,807 Ethereum (ETH) worth $6.91 million appears to have received a large portion of the funds stolen from the fraudsters. A new report from Immunefi found that cryptocurrency losses associated with hacks and scams decreased by 12% year-over-year in May.

The top 100 DeFi tokens had a mixed week as price momentum remained sideways with most tokens trading in the green and the total value locked in DeFi contracts remained above $100 billion.

Cryptocurrency losses due to fraud and hacking decreased by 12% in May – Immunefi

Cryptocurrency losses due to fraud and hacking declined 12% year over year, according to a May 30 report from blockchain security firm Immunefi. A total of $52 million was lost during the month, compared to more than $59 million in the same month last year. Additionally, this figure represents a 28% decrease from the amount lost in April.

The report highlights the continuing downward trend in losses due to hacks and fraud in the Web3 industry. In March, Immunefi released a report indicating that losses in the first quarter of 2024 decreased by 23% compared to the previous year. In April, CertiK reported that the month saw its lowest losses on record.

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Iggy Azalea’s anti-fraud plan: burn her coins

New pop star and cryptocurrency star Iggy Azalea has announced that she will burn her coins whenever a popular coin is identified as a scam (“mat”). His strategy is to build trust and integrity in the cryptocurrency community and differentiate himself from other controversial celebrities.

“I think it would be fire to want it to be a positive thing,” Azalea said on X Space.

Despite these efforts to legitimize its memecoin – dubbed Mother Iggy (MOTHER) – Bubblemaps recently claimed that launch insiders purchased a significant portion of the token supply. The supply verification platform claimed that insiders purchased “20% of the launch supply” before Azalea announced the launch of MOTHER. The property was then sold for $2 million before the announcement.

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BNB chain exploited to obtain $80,000 worth of fake BTC tokens

Nearly $80,000 worth of BEP-20 token called “BTC” was lost in an exploit on the BNB smart chain involving several suspicious transactions. Although $80,000 is a small amount compared to the average cryptocurrency exploit, it raises questions about the attacker’s intentions.

Although the exploited token contract is still unknown, according to blockchain security firm Cyvers, the attacker could be a white hat or ethical hacker who uses their skills to find security vulnerabilities.

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Victim who lost $7 million in Ethereum exploit gets his money back

The unfortunate victim, who lost 1,807 ETH, worth $6.91 million, on May 26, appears to have received a significant portion of the funds stolen from the fraudsters.

“Yesterday, the former phishing group Inferno Drainer used offline authorization signing to steal nearly $7 million in ETH assets from a user,” wrote Yu Xian, co-founder of the SlowMist blockchain analysis. “Today they got their money back, which is really rare.”

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DeFi Market Overview

Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a mixed week. Most tokens are trading in the green on the weekly charts. After weeks of downward pressure, the total value locked in DeFi protocols has surpassed the $100 billion mark.

Thank you for reading our summary of this week’s most notable DeFi developments. Join us next Friday for more stories, ideas and information about this dynamically evolving space.

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