Kyber Network workforce down, Web3 hacks to cost $1.8B by 2023: Finance redefined
Welcome to Finance Redefined, your weekly DeFi Insights – a newsletter designed to bring you the most important developments from the past week.
Vitalik Buterin believes that Ethereum needs to revive the “cypherpunk” revolution envisioned for blockchain in its early days.
The Web3 ecosystem lost $1.8 billion to exploits and scams by 2023, and Kyber Network cut its workforce in half after a recent $49 million exploit.
Vitalik Buterin wants to “remake Ethereum cypherpunk”.
Ethereum should revive the cypherpunk revolution originally envisioned for blockchain, says Vitalik Buterin, one of the network's founders.
According to a December 28 blog post from Buterin, Ethereum was originally envisioned as a “public decentralized, shared hard drive” that could use peer-to-peer messaging and decentralized file storage. However, in 2017, the vision began to turn to the financialization of Ethereum.
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$1.8 billion lost to Web3 hackers and fraudsters by 2023: Immunefi
In the year $1.8 billion will be lost to Web 3 hackers and fraudsters by 2023, according to a Dec. 28 report from blockchain security platform Immunefi. The report attributed 17% of the losses to the North Korea-linked Lazar group.
In terms of losses, the biggest hack of the year was the peer-to-peer trading platform Mixin Network, which cost crypto investors more than $200 million. In second place was the $197 million mortgage lending platform Euler Financial, and in third place was the $126 million cross-chain bridging protocol Multichain hack.
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Kyber Network's workforce is reduced by 50% after a $49 million exploit
The team behind decentralized finance protocol KyberSwap has “regrettably” reduced its workforce by 50% to keep the business running following a $48.8 million exploit in November.
“We have unfortunately reduced our workforce by 50%. The decision to part ways with many members of our team was heartbreaking,” Cyber Network CEO Victor Tran said on December 24.
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Key industry figures predict the future of DeFi in 2024.
Cointelegraph spoke to experts from various industries to find out what 2024 holds for decentralized finance.
The sector as a whole is currently buoyant. Optimism abounds as green shoots of renewed growth begin to appear. Julian Deschler, founder of Web3's privacy protocol Elusive, has been one of the leaders opposing DeFi's prospects in the recent past.
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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. The total value locked up in DeFi protocols remains over $60 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.
