Crypto Hacks Surpass 1.2 Billion in 2024, Celsius to Pay $2.5 Billion: Finance Redefined
Welcome to Finance Redefined, your weekly volume of decentralized finance (DeFi) insights – a newsletter designed to bring you the most relevant developments from the past week.
This week brought some serious news: Crypto hackers will steal more than $1.2 billion in 2024, up 15.5% from 2023. Can they have more speed than the total value of the loot in 2023?
In more positive news for investors, bankrupt crypto lender Celsius has finally settled two-thirds of its customers after paying $2.53 billion to 251,000 creditors. Celsius owes a total of $3 billion to more than 375,000 creditors.
Crypto Hackers To Exceed $1.2 Billion In 2024: Immunefi
Cryptocurrency hackers stole more than $1.2 billion after a hack in August, raising further concerns about widespread crypto adoption.
The crypto industry fell to 154 private exploits year-over-year due to hacking and remote mining of digital assets worth a total of $1.21 billion by 2024.
This represents a 15.5% increase compared to the same period in 2023, when losses totaled more than $1 billion, according to an Immunefi report shared with Cointelegraph.
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Celsius to distribute $2.5 billion to 251,000 creditors in bankruptcy proceedings
Celsius paid two-thirds of its eligible customers as part of long-awaited bankruptcy proceedings.
In the year According to an Aug. 26 court filing, the bankrupt crypto lender paid out nearly $2.53 billion to 251,000 creditors.
The fund represents 84 percent of the $3 billion in value issued to more than 375,000 lenders.
Liquidation payments are a positive development for the burgeoning crypto industry. They coincide with the bankruptcy proceedings of the Gox exchange, which owes more than $9.4 billion in crypto to 127,000 creditors. After 10 years, these lenders are finally starting to recover their assets.
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Gavin Wood's Biggest Hope: Free Crypto Transactions and Web3 Technology Worldwide
Gavin Wood's biggest hope is to make the social benefits of Web3 technology and encryption a public good.
For Web3 to achieve its true goals, Wood, co-founder of Ethereum, Polkadot and Kusama, said cryptocurrency transactions must be free of transaction fees.
Speaking exclusively to Cointelegraph at the Web3 conference in Berlin, Wood said:
“My biggest hope is that we can really do it. [Web3] It's free for everyone.
Wood's tattoo-based Web3 personalization solution, color proofing, is a significant part of Crypto and Web3's efforts to make Web3 free to use globally.
Gavin Wood, Interview with Zoltan Vardai of Cointelegraph. Source: YouTube
Diffie Networks' Radix Group to Cut 15% of Staff, Citing Need to “Refocus”.
RDX Works, the team behind the Radix DeFi platform, has laid off 15% of its workforce.
The Radix Network launched its mainnet in July 2023 and provides developer tools to build and run decentralized applications and financial services on the blockchain.
In a statement on August 29 in the company's Telegram group, the company's CEO, Pierre Ridyard, confirmed that the staff cuts are part of a “refocus” and “a more comprehensive set of changes that need to be made.”
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The market value of PayPayPYSD stable coin has reached 1 billion dollars
According to data from CoinMarketCap, PayPal's US dollar-pegged stablecoin, PayPal USD, has a total market capitalization of $1 billion.
In the year Launched in 2023, PayPal USD (PYUSD) is backed 1:1 by the US dollar and is issued by Paxos Trust Company, a US-controlled crypto custodian. It competes with other regulated dollar-backed stablecoins such as Circle Internet Financial's USD Coin (USDC).
“The transition to digital currencies requires a stable instrument that is digitally native and easily linked to fiat currencies like the U.S. dollar,” PayPal president and CEO Dan Schulman said in a 2023 statement.
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Overview of the DeFi market
Most of the 100 largest cryptocurrencies by market cap ended the week in the red, according to data from Cointelegraph Markets Pro and TradingView.
Out of Telegram's 100-click game, NotCoin (NOT) token was the week's biggest loser, falling more than 22%, followed by ton-based memecoin Dogs (DOGS), which fell more than 20% on the weekly chart.
Total value is locked in DeFi. Source: Defillama
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
