In the year $200M Lost In Hacks By 2024, Shido Token Down 94%: Finance Revisited
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.
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Pierce advocated for more decentralization in a fireside discussion at ETDenver, saying centralization means “you have pooled risks.”
An attacker took control of the Ethereum blockchain and transferred billions of SHIDO tokens, Peckshield said.
According to a new Immunefi report, In 2024, Ethereum was the chain targeted by hackers, which accounted for 85% of its value lost in February.
The top 100 DeFi tokens continue their massive growth, and the total value locked in DeFi protocols has breached $95 billion.
SEC's Pierce wants more decentralization in the financial system
The SEC commissioner has argued for more decentralization in the US financial system and a softer approach to crypto regulation and enforcement.
Pierce, also known as “Crypto Mom,” closed her fiery discussion with CNBC's McKenzie Sigalos at the ItDenver conference on Feb. 29 by arguing that decentralization would benefit the U.S. financial system.
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Funds stolen in 2024 increased by 15.4% compared to the same period in 2023.
More than $200 million worth of cryptocurrency has been hacked and wiped out in 32 separate incidents year-to-date (YTD) in 2024, according to a Feb. 29 research report by blockchain security firm Immunefi.
YTD losses represent a 15.4% increase compared to January and February 2023, when $173 million in digital assets were stolen.
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Seneca stablecoin hacker returns stolen funds after $6.4 million exploit
Stablecoin protocol Seneca offered a 20% bounty for an exploit that found at least $6.4 million worth of digital assets after exploiting a validation mechanical flaw in the protocol's smart contract.
In the year Companies such as CertiK have warned of the exploit, urging them to revoke approvals from addresses on the Ethereum and Arbitrum networks. The initial estimate of the losses was $3 million, but later $6.4 million worth more than 1,900 Ether (ETH) was taken from the exploit.
Hours after Seneca's message, the hacker returned approximately 1,537 ETH worth $5.3 million to Seneca's specified wallet address.
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Shido token has dropped 94% due to the exploitation of the Ethereum stock contract
The Layer-1 blockchain Shido token plunged 94% in 30 minutes after an exploit on an Ethereum-based stock contract.
Blockchain security firm PeckShield warned its followers of the fallout in a February 29 X post. A follow-up post explained that an exploit modified the blockchain's Ethereum share contract with a new owner to a different address, then modified the contract with a hidden function to extract the held tokens.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had the biggest week by market capitalization, mostly in the green trading on the weekly charts. TVL in DeFi protocols has breached $95 billion for the first time in over a year.
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.
