Iggy Azalea’s anti-fraud plan and crypto losses from hacks cut by 12%: Finance Revisited
Last week saw another memecoin frenzy in Decentralized Finance (DFI) land, with celebrities launching their own memecoins – the most likely trend from 2021–2022 is to launch their own non-vulnerable tokens (NFTs). Amidst all the meme hysteria, pop star Iggy Azalea came up with a “burning” plan to avoid cheating and carpet-dragging.
In other news, a trader who lost 1,807 liquid Ether (ETH) worth $6.91 million appears to have received a large portion of the stolen funds from the scammers. According to a new report from Immunefi, crypto losses related to hacking and fraud fell 12 percent year-over-year in May.
The top 100 DeFi tokens had a mixed week, with the majority of tokens trading in the green and the total value locked in DeFi contracts remaining above $100 billion.
In May – Immunefi – Crypto losses from fraud and hacking decreased by 12%
According to a May 30 report by blockchain security firm Immunefi, crypto losses due to fraud and hacking have decreased by 12% year over year. A total of $52 million was lost during the month, down from $59 million in the same month last year. Additionally, the figure represents a 28% drop compared to the amount lost in April.
The report also shows that losses caused by hacking and fraud in the web3 industry are decreasing. In March, Immunefi released a report stating that its Q1 2024 loss was down 23 percent from last year. In April, Certike reported its lowest monthly loss ever.
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Iggy Azalea's anti-fraud plan: burn her own coins
Pop star and newly minted crypto star Iggy Azalea has announced that she will burn her own coins every time a celebrity coin is identified as a scam (“carpet”). Her strategy is to build trust and credibility in the crypto community and differentiate herself from other controversial celebrities.
“I think just wanting to be something positive is a fire,” Azalea said on X-Space.
Despite these efforts to bring legitimacy to her memecoin – dubbed Mother Iggy (mother) – Bubblemaps recently reported that insiders bought a large part of the token's supply. Prior to announcing the launch of supply audit tool platform Azalea Mother, insiders said they bought “20% of the supply at launch”. The holdings were then dumped for $2 million before the announcement.
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BNB Chain Exploited for $80,000 in Fake BTC Tokens
Nearly $80,000 worth of BEP-20 tokens were lost as “BTC” in an exploit involving several suspicious transactions on the BNB Smart Chain. While $80,000 is considered a small amount compared to the average crypto exploit, it raises questions about the attacker's motives.
While the terms of the agreement exploited are not yet known, on-chain security firm Syvers said the attacker could be a white hat or ethical hacker using his skills to find security vulnerabilities.
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7 million dollars of lost victim's money will be returned by recycling Ethereum
One unfortunate victim who lost 1,807 liquid ETH worth $6.91 million on May 26 appears to have received a large share of the stolen funds from the fraudsters.
Yu Xian, co-founder of blockchain analytics firm SlowMist, said: “Yesterday, the old phishing group Inferno Drainer used the offline authorization signature of the license. “They got a refund today, which is really rare.”
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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 tokens trade in green on weekly charts. After weeks of bearish pressure, the total value locked in DeFi protocols has passed the $100-billion mark.
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.
