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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.
Late 2022 saw the lowest value of stolen funds to challenge, with $62 million in achievements in December. When the number might seem like a relief considering the multiple bridge hacks and hundreds of millions of dollars stolen this year, Cybersecurity experts warned that there would be no decline in achievements in the ecosystem, instantaneous loans or outbound scams in 2023.
The lido protocol has surpassed makerdao to have the greatest total value locked (tvl) in the challenge ecosystem. In other news, mango markets hacker avraham eisenberg was detained in anticipation of trial.
Early in the new year a gmx whale was hacked for $3.5 million in gmx chips. The hackers took control of 82.519 gmx tokens, traded the assets for 2.627 aether (), and then transferred the assets to the ethereum network using the hop protocol and through the protocol.
The top 100 challenge tokens started the year on an uptrend, with most tokens trading green on weekly charts.
$62 million crypto stolen in December was the ‘lowest monthly figure’ in 2022: CertiK
Cryptocurrency hackers and exploiters seemingly slowed down for the 2022 holidays, with December seeing $62.2 million worth of cryptocurrencies stolen. This was the "lowest monthly figure" for the year, says CertiK.
On December 31, the blockchain security firm posted a list of the month's biggest attacks on Twitter. It highlighted the $15.5 million worth of exit scams as the method that exploited the most value over the month, followed by the $7.6 million worth of flash loan-based exploits.
No "Respite" for 2023 Exploits, Instant Lending or Exit Scams: Cyber Security Enterprise.
The new year is a new beginning for malicious actors in crypto space and 2023 will probably not see a slowdown in scams, exploits and hacks, according to CertiK. The blockchain security firm has indicated cointelegraph its expectations for the coming year concerning bad actors in space.
CertiK pointed to the “devastating” exploits on cross-chain bridges in 2022. Six of the 10 largest exploits during the year were bridge exploits, amounting to around $1.4 billion.
Lido overtakes MakerDAO and now has the highest TVL in DeFi
Liquid staking protocol Lido Finance has benefited most from the Ethereum merge in September, with its TVL now sitting at the top position among other DeFi protocols.
According to defillama data, the lido liquid staking protocol now orders $5.9 billion in tvl, exceeding the $5.89 billion makerdao and the $3.7 billion aave.
Mango Markets operates Avraham Eisenberg on trial.
In a new update of the exploitation saga Mango Markets, The U.S. District Court for the District of Puerto Rico has issued a detention order to the notorious mango market operator Avraham Eisenberg.
After holding a detention hearing, US magistrate Bruce Mcgiverin decided that Eisenberg had to be detained for several reasons. According to court documents, there are no conditions or combinations of release conditions for eisenberg that will reasonably ensure his appearance if necessary.
DeFi market overview
Analytical data show that the total value of the challenge contract remained less than $40 billion last week, trading at approximately $38.5 billion at the time of writing. Data from the pro and tradingview telegraph coin markets shows that the top 100 defi chips by market capitalization went through a volatile and bullish week, with almost every chip redeemed in green.
Thank you for reading our highlights from this week. Please join us on Friday to learn about this evolving space.
