Cryptocurrencies

Welcome to Finance Refinite, your weekly dose of DeFi news

Welcome to Finance Refinite, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you the most important developments of the past week.

In this week’s newsletter, losses from cryptocurrency hacks and exploits totaled $19 billion over the past 13 years, with 785 incidents reported, and Solana cracks down on auditors involved in attacks sandwich against traders.

In other major news, Terraform Labs has completely ceased operations and handed over control to the Terra Community following a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC).

Cryptocurrency hacks total $19 billion in 13 years: Crystal Intelligence

The cryptocurrency industry has suffered 785 hacks and exploits over the past 13 years.

According to a Crystal Intelligence report shared with Cointelegraph, nearly $19 billion in digital assets have been stolen in the 13 years since June 19, 2011, when the first known cryptocurrency hack was reported.

The largest case of cryptocurrency theft remains the Plus Token scam of 2019, when attackers stole $2.9 billion worth of Bitcoin (BTC) and Ethereum (ETH). In February 2024, the $290 million PlayDapp security breach represented the largest cryptocurrency theft in the past two years.

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Curve Founder Repays 93% of $10 Million in Bad Debts Resulting from Liquidation

Michael Egorov, founder of DeFi protocol Curve Finance, claims to have repaid 93% of the $10 million in bad debts resulting from the protocol’s soft liquidation launched earlier today.

On June 13, Curve Finance’s soft liquidation mechanism passed a real test during a recent hack attempt, but the price of its native CRV token fell by more than 28% amid the chaos. According to blockchain analytics firm Arkham Intelligence, Egorov himself faced $140 million in liquidations for “borrowing $95.7 million in stablecoins (primarily crvUSD) for $141 million in CRV on five accounts on five protocols.”

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Terraform Labs will cease operations and the Terra community will take over

Chris Amani, CEO of Terraform Labs, announced that the company will cease operations following a $4.47 billion settlement with the United States Securities and Exchange Commission.

The company plans to sell key projects within the Terra ecosystem and give the community control of the Terra blockchain. The decision to dissolve Terraform Lab follows a $4.47 billion settlement with the Securities and Exchange Commission in connection with the historic collapse of algorithmic stablecoin TerraUSD (UST) in 2022. The settlement includes a significant return of $3.58 billion, that is, the transfer of profits obtained illegally or unethically – and a civil penalty of $3.58 billion. 420 million dollars.

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Solana cracks down on validation sandwich attacks

The Solana Foundation has removed a group of validator operators from its authorization program due to their involvement in sandwich attacks against merchants.

In a sandwich attack, a malicious trader searches for a pending transaction on their network of choice, such as Ethereum. Splitting occurs by placing one request before the transaction and another immediately after. The attacker will place the first pending transaction between the forward run and the back run, both simultaneous, to manipulate the price of the asset and profit from the difference.

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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 bearish week, with most of them trading in the red on the weekly charts. The total value locked in DeFi protocols has reached $101 billion.

Total value locked in DeFi. Source: Devilama

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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