Dogecoin Hits 7-Day High After XPayments Creation, Trader Bribes Around $7 Million in Profits: Finances Revealed
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.
Traders made a profit of about 7 million dollars on the launch of the SatoshiVM token
A crypto trader used the Banana Gun tool to make a $6.77 million profit within three hours of the launch of the SatoshiVM (SAVM) token. Before the device is launched, it helps the trader to find the brand, which is later sold at an inflated price after the official launch. The trading bot has been controversial since its release, with several cases of money mysteriously disappearing after the bot was leaked.
A Banana Gun spokesperson told Cointelegraph that it's not a bot issue, some token contracts have functions where the contract operator can withdraw funds from the wallet. In one case, the tokens were moved to the buyer's wallets due to a fraudulent contract.
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Solana stablecoin transaction volume hits $300 billion monthly high
The amount of stablecoin transfers on the Layer-1 Solana blockchain hit a new record of over $300 billion in January. Solana's stable coin market share is currently about 32%, which is a significant increase from the 1.2% share a year ago.
Stablecoin activity on Solana started gathering in October 2023 and has steadily increased by 650%. Crypto data analytic platform Artemis attributes its growth to the volume of USD Coin (USDC) transactions on the blockchain.
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Dogecoin hits seven-day high as account “XPayments” gains 100,000 followers per day
The most popular memecoin, Dogecoin (DOGE) has reached a weekly high following the creation of the new “XPayments” account on the social media platform X, which has gained over 100,000 followers in a short period of time.
While an official announcement regarding the payment functions is yet to be made, many crypto traders on X strongly believe that DOGE could be part of the offering due to occasional mentions by the site's owner, Elon Musk. Musk previously allowed DOGE payments at Tesla's retail store and changed Twitter's logo to Dogecoin's after taking over the platform in April 2023, leading to a 22 percent increase in DOGE's value.
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Radiant Capital began paying off debt after a $4.5 million flash loan
Cross-chain lender blockchain Radiant Capital has begun the process of paying off $4.5 million in “bad” debt caused by the Flash Loan exploit in early January 2024. The payment was made according to the RFP-27 proposal, which was passed on January 8. Nearly three-quarters (73%) of users voted to use Radiant DAO's treasury and operating expenses to pay off the bad debt. Radiant lost 1.3% of its total locked value due to the exploit.
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MailerLite Confirms Hack That Led to $3.3 Million Crypto-Phishing Email Attack
A coordinated crypto-hacking and phishing campaign was a direct result of hackers gaining access to MailerLite's services. The hacker used the accounts of major Web3 companies to carry out phishing email scams that cost an estimated $3.3 million in subscribers. MailerLite confirmed that the hackers accessed 117 accounts, but used only a small number to launch phishing campaigns.
The service provider warned that its customers' and subscribers' data – including full names, email addresses and personal information uploaded to MailerLite – was affected.
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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 have shown significant returns this week. The total value locked in DeFi protocols remains at over $71.6 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.
