Cyberswap Comes to Hacker Victims’ Rescue, Platypus Hacker Walks Free: 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.
Cointelegraph interviewed the CEO of Velvet Capital about the challenges facing DFI and the key obstacles to moving to the mainstream. The Umee UX Chain code will be re-implemented on the Osmosis chain to create a “DeFi Hub” where the Cosmos-based Umee and Osmosis are integrated, combining the features of the two networks.
The Platypus hacker tried to escape responsibility for an $8.5 million exploit on the protocol after claiming to be an ethical hacker. The court allowed the rapist to go free.
Despite the slight market downturn, the top 100 DeFi tokens had another bright week, with the total value locked in DeFi tokens surpassing $60 billion.
Cosmos-Based Networks Umi and Osmosis Merge, Forming “DeFi Hub”
Cosmos-based networks Ume and Osmosis will merge via a software update, according to a Dec. 4 announcement. The Umee UX Chain code will be reimplemented on the Osmosis Chain, combining the features of the two networks and creating what the development teams call a “DeFi Hub” for the Cosmos ecosystem.
Umee is a decentralized credit protocol on a chain called the “UX Chain” of the Cosmos chain. On the other hand, Osmosis is one of the decentralized exchanges in the cosmos ecosystem, and it also works on a self-organized network. It has a total of more than $23 billion and is the fourth-largest cosmo chain by total value, Defillama said.
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Platypus exploiters walk free after claiming to be “ethical thugs”.
A French court has let two brothers walk free after stealing $8.5 million from Diffie Protocol Platypus.
In the year On February 16, the hackers were able to drain $8.5 million from Platypus in a flash credit attack, which forced the protocol to suspend trading services until a solution was found. In the initial investigation, the criminal Mohammad M.
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Addressing Barriers to DeFi Adoption – An Interview with Velvet Capital
The convergence of DeFi and asset management is revolutionizing the financial world.
Diffie's decentralized and transparent architecture provides a compelling alternative to traditional financial systems. Improving how assets are managed can provide better returns to investors and make investment opportunities more widely available to institutional players and individuals.
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KyberSwap announced Treasury grants for hacking victims
KyberSwap intends to provide financial assistance to users affected by a significant exploit on November 22nd, which resulted in a loss of $48.8 million to the DeFi protocol. To address this, KyberSwap is establishing a grant initiative from the Treasury to compensate those affected by the incident.
The aid is designed to ease the financial burden on affected individuals and will be equivalent to US dollars worth of property lost as a result of the security breach. This move demonstrates KyberSwap's commitment to its user community and platform security. While the grant's specifics and requirements are being finalized, KyberSwap plans to provide more information in two weeks.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens by market capitalization had a very busy week, with most tokens trading in the green on the weekly charts. The total value locked up in DeFi protocols remains over $60 billion.
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.
