KyberSwap hacker wants regulation, says law firm Aussie DeFi tax rules ‘not binding’: finance redefined
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 hacker who stole more than $46 million from DeFi protocol KyberSwap has released a list of demands, including total control of the kyber company and all its assets. The hacking cyber group has set a deadline to meet its demands.
An Australian law firm has described the DeFi tax guidelines released by the country's financial regulator as “toilet paper”. Cadena Legal told Cointelegraph that the directive would confuse Australians and reduce their willingness to comply with the rules.
The DeFi ecosystem continues its strong market momentum from last week, with most tokens showing steady gains on weekly charts.
The KyberSwap hacker claims full control over the Kyber company
The KyberSwap hacker has finally revealed the conditions that must be met in order to recover the funds taken from their $46 million hack. In the on-chain message, the hacker said they wanted to take full control of the Cyber company and its assets on and off-chain.
While the hacker's request may be absurd, they also said what they would do if met. According to the message, they will double the salaries of Cyber workers and buy the executives before firing them from the company. The hacker also gave the Cyber team until December 10 to meet his demands.
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Australia's confusing new crypto tax guidance is “toilet paper”, says law firm
Australian law firm Cadena Legal has published a blog post highlighting that the vague DeFi rules released by the Australian Taxation Office are “non-binding”. The law firm described the guidance as “toilet paper” and said it would further confuse everyone.
Additionally, the law firm's founder, Harrison Dale, told Cointelegraph in a statement that such a directive could reduce “voluntary compliance” from members of the crypto community in Australia.
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Diffie can solve Africa's foreign exchange problem, said the CEO of Neobank
A Neobank project executive told Cointelegraph that Diffi could solve liquidity problems in the African foreign exchange market. Kanza Financial CEO Pascal Nsama IV said Defi's technology could solve problems in this regard by providing decentralized foreign exchange to African funds.
Africa's DeFi community is expected to grow by more than 20% and reach more than half a million users by 2027. Industry experts have argued for an upgrade to the forecast as blockchain product penetration continues to reach new highs.
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Wormhole will raise $225 million at a cost of $2.5 billion
Cross-chain protocol Wormhole recently received $225 million in funding in an investment round led by Brevan Howard, Coinbase Ventures, Multicoin Capital and many others. The investment puts the company at a new valuation of $2.5 billion.
The company In February 2022, it made headlines after losing $321 million in one of the biggest DeFi hacks of the year. To mitigate the damage, venture capital firm Jump Crypto has pledged to make up for the money lost in the hack.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens by market capitalization had a very busy week, with most tokens trading in the green on the weekly charts. The total value locked in DeFi protocols remains over $47.4 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.
