Losses Due To Crypto Hacks Fall 67%, Bitcoin DeFi Interest Increases: 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.
While the DFI sector is often associated with hacking and exploitation, losses from hacking fell 67% to $60 million in April, compared to March, when $187 million was stolen. Hundred financial hackers began exploiting stolen funds for the first time almost a year later.
In other news, the Bitcoin Layer-2 platform stack has recorded the highest number of active users, with demand for Bitcoin DeFi or BTCFi increasing.
The top 100 DeFi tokens had another subdued week, followed by a burst of strength towards the end of the week. Still, the total value locked up in DeFi protocols remains below $90 billion.
In April, it cut 67 percent of its losses to $60 million.
The total value of hacked cryptocurrency fell 67 percent to $60.2 million in April, marking the first significant decline in 2024, indicating a significant decline in crypto attacks.
The 67 percent was down significantly from the $187.6 million stolen in March, and the $360.8 million worth of digital assets stolen in February, according to a May 1 report by blockchain security firm PeckShield.
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As interest in Bitcoin DeFi is growing, stack activation accounts have reached a peak
Leading Bitcoin Layer-2 network stack has reached an all-time high in active users, growing interest in Bitcoin-native DeFi.
The stack reached a peak of 122,497 active accounts in April. Active accounts are addresses that have made at least one transaction, according to a post by Bitcoin (BTC) data provider Signal 21 on May 2.
The record count indicates growing interest in BTCFi and comes more than a week after the 2024 Bitcoin halving and the launch of Runes, a new protocol for issuing hash tokens on the Bitcoin network.
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Hundred Finance Hacker Moves 7 Million Dollars in Stolen Assets After One Year of Exploitation
The hacker who stole $7.4 million from DeFi protocol HundredFinance has started moving crypto assets after a year of inactivity.
On May 1, the hacker moved about $800,000 worth of Ether (ETH) and Tether (USDT) from Curve's decentralized exchange after introducing the platform a year ago.
After withdrawing the money, the hacker converted USDT and other cryptocurrencies into ETH, increasing the exploiter's ETH to over $1 million.
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Curve Finance awards $250,000 for re-entry exposure
A security researcher has been awarded $250,000 for discovering a vulnerability that historically allowed hackers to withdraw millions of dollars from cryptocurrencies.
Anonymous cybersecurity researcher Marco Kroc from Cupia Security has identified a re-entry vulnerability in the DFi protocol Curve Finance. In X Thread, he explained how it can be used to manage balances and withdraw funds from liquid pools.
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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 $90 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.
