Hong Kong Eyes DeFi, DAO Raises $37M to Help Julian Assange: Redefine Finance
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.
The past week has seen major regulatory developments in DeFi in Hong Kong, as the government intends to study and identify key opportunities in the decentralized sector.
Julian Assange has been a free man for 14 years, defying extradition to the United States. AssangeDAO – a decentralized organization created to raise money for Assange's legal fight – has revealed that it has spent $37 million to help the WikiLeaks founder secure his freedom.
In other news, crypto losses due to hacking and exploitation increased by over 100% in DeFi in the second quarter of 2024.
Hong Kong has targeted DFI for fintech expansion
Government-backed research in Hong Kong has identified DeFi and metaverse technologies as new opportunities to boost the region's dominance in the global fintech landscape.
The Hong Kong Monetary and Financial Research Institute, the research arm of the Hong Kong Academy of Finance, released two reports on June 25, each detailing differences in defy and the financial sector.
Hong Kong's DeFi report predicts an ecosystem explosion from a market capitalization of $6 billion in 2021 to $80 billion in 2023.
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Assangedao member Silke Noa said $37 million was spent to save Assange.
According to AssangeDAO member Silke Noah on X-Post, approximately 11,000 ETH worth $37 million of the 16,593 Ether (ETH) was spent on legal defense and campaigning by AssangeDAO's The Clock.
Noah revealed that the 16,593 Ether allocation to free Assange was managed by the Wow Holland Foundation “from their Safe.global multisig wallet address”.
Assange, an Australian journalist and activist, founded WikiLeaks, which publishes classified and classified documents. He has been incarcerated since April 2019.
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In Q2 2024, crypto losses from hacking and fraud increased by 113% to $572 million.
Crypto losses from hacking and fraud more than doubled in the second quarter of 2024 compared to the same period in 2024, according to a study conducted by blockchain security platform Eminefi.
It lost more than $572 million in Q2, compared to $220 million in 2023. Centralized foreign exchange hacking accounted for the largest share of the quarterly losses. Prior to the second quarter, losses from hacks and fraud were on the decline, with Immunefi reporting a 23% drop in Q1. This decline continued through April and most of May, but losses peaked in late May and June.
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MakerDAO delegates $11 million worth of tokens stolen in phishing scam
MakerDAO management delegates lost $11 million worth of Aave Ethereum Maker (aEthMKR) and Pendle USDe tokens to fraud after they signed multiple signatures.
Scam Sniffer discovered the incident in the early hours of June 23. After signing multiple signatures, the user falls victim to the phishing scam, resulting in the loss of their digital assets.
Wu Blockchain reported that Arkham discovered that the victim in the case was a representative of MakerDAO management. The delegate plays a key role in the MakerDAO system, contributing to the decision-making process. Delegates are responsible for voting on management proposals, elections and executive votes, which affect significant decisions in the Executive Protocol.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, the DeFi top 100 tokens in the market had a mixed week. Most were trading in the red on weekly charts, and the total value locked in DeFi protocols fell below $100 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.
