Kraken-certike $3m saga, zkSync airdrop wallets disposable tokens: finance redefined
Welcome to Finance Redefined, your weekly DeFi Insights – a newsletter designed to bring you the most important developments from the past week.
Last week in Diff was headlined by the zkSync (ZK) token airdrop and a significant portion of the wallets that received the airdropped tokens have already sold them.
In another major incident, the Kraken exchange was hacked for $3 million, but security firm CertiK said it was a white hat operation. Days before and after allegations of petty crime and extortion, the security firm returned the looted assets to the crypto exchange.
Kraken has recovered $3 million from Certike, ending the bug bounty saga
Cryptocurrency exchange Kraken has found missing funds following a massive bug bounty exploit fiasco. Kraken has confirmed that nearly $3 million worth of stolen digital assets have been returned, ending the Kraken-certification saga that began on June 9.
Nicolas Percoco, Kraken's chief security officer, confirmed that he had recovered the money from the reduction in transaction fees. The Kraken Executor first announced the $3 million in missing funds on June 19th, claiming that a “security researcher” had fraudulently removed them from the vault after discovering a bug and sharing the vulnerability with others.
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MetaMask Privacy Updates: What Users Need to Know
Consensys, the company behind MetaMask, has updated its privacy policy to address user consent, transparency and control over their personal data. According to a press release shared with Cointelegraph, the changes are to implement more privacy and security measures for users of consensus services, including MetaMask.
The consensus made a number of important changes to its privacy policy, including providing transparency on Internet Protocol address settings, expanding its scope, and improving user data management.
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41% of top ZK airdrop bags sold out – Nansen
On Monday, June 17, nearly half of the top wallets that received the new ZK token sold their allocations in a flash, contributing to a 34.5% drop in ZK's price since launch.
According to data from blockchain analytics firm Nansen, about 41% of monitored addresses sell their airdrops, while 29.2% sell at least some of their tokens. The total amount sold by both teams was over 486 million ZK. More than 30% of the top receiving wallets hold their ZK tokens.
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1inch has partnered with Blockaid to fight DeFi fraud and cyber threats.
DeFi platform 1inch has partnered with Web3 security provider Blockaid to improve security measures in its ecosystem.
On June 20, 1inch Network revealed its mission to detect and prevent fraudulent activities such as phishing scams and hackers. In an announcement, the DeFi platform highlighted that Blockaid's security features, which simulate transactions before execution, will play a critical role in enhancing DeFi security.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had a heavy week by market capitalization, with most trading in the red on the weekly charts. The total value locked in DeFi protocols has dropped 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.
