Mango Markets Exploit Goes To Court In April, And Coinflux Shuts Down Multichain: 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 mastermind behind the $116 million theft of assets from Mango Markets is set to go on trial in April next year after the defendant convinced a judge to postpone his fraud trial to April 8, 2023. The Aave protocol had previously had to pause several markets after a report about it. A behavior related error.
Coinflux's multi-chain protocol ShuttleFlow is set to retire after two years. Meanwhile, Stack Alliance Assurance published updated stock requirements earlier this week.
The top 100 DeFi tokens had an exciting week as they hit new multi-month highs and the total value locked in DeFi protocols touched $56 billion for the first time in months.
Conflux multichain protocol will be closed after two years
ShuttleFlow, the ecosystem's multichain protocol implemented and maintained by the Conflux Foundation — also known as the Shanghai Tree-Graph Blockchain Research Institute — will shut down after two years.
The ShuttleFlow technology stack will be transferred to Web3 Studio Zero Gravity, which will continue to rebrand the protocol. “All user funds are safe and will be transferred from ShuttleFlow to zero gravity,” the project wrote, “Users who have already bridged through ShuttleFlow and completed the claim of their assets connected to the access chain do not need to go through any additional steps for migration.”
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After reports of behavioral problems, Ave stopped working in several markets
Decentralized financial (DeFi) protocol Aave suspended several markets on November 4 after receiving reports of a problem affecting “a certain feature,” according to a post on XA.
The pause affects the Aave v2 Ethereum market and some assets on Aave v2 on Avalanche. Additionally, certain properties on Polygon, Arbittrum and Optimism have been blocked.
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Fraud trial at mango market exploits behind $116 million theft extended to April
Lawyers representing the $116 million mango market manipulation have convinced a judge to postpone the fraud trial until April 8, 2023. Avraham Eisenberg's fraud trial is scheduled to begin on December 4. However, the lawyers said that several factors affected the preparation of the trial. On November 2, District Court Judge Arun Subramanian made a successful motion to continue.
“As discussed at today's conference, the request for continuity has been granted. Trial in this case will begin on April 8, 2024,” Subramanian said in a November 3 court filing.
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Stake Alliance certification improves recommendations for vendors
The Affirmation of Stake Alliance (POSA), a non-profit organization representing organizations in the crypto staking industry, published an updated version of its “staking principles” on November 9.
POSA represents 15 different organizations in the staking industry – Alluvial, Ava Labs, Blockdaemon, Coinbase, Credibly Neutral, Figment, Infstones, Kiln, Lido Protocol, Luganodes, Methodic, Obol, Polychain, Paradigm and Staking Rewards.
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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 jumped to $56.06 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.
