Saturday, July 20, 2024

Hong Kong Explores DeFi; DAO Allocates $37M for Julian Assange’s Release: Finance Redefined.

Welcome to Finance Redefined, a newsletter designed to provide you with the most important developments from the previous week. This is your weekly dose of crucial decentralized finance (DeFi) information.

Significant legislative changes occurred in Hong Kong during the last week of DeFi, as the government there plans to research and pinpoint important prospects in the decentralized industry.

Julian Assange is free now, having fought against his extradition to the US for 14 years. The decentralized AssangeDAO organization, which was established to help raise money for Assange’s legal defense, disclosed that it has invested $37 million to support the WikiLeaks founder in obtaining his freedom.

In other news, during the second quarter of 2024, cryptocurrency losses resulting from hacks and exploits in DeFi surged by over 100%.

Hong Kong targets DeFi and the metaverse for fintech expansion.

DeFi and metaverse technologies provide fresh chances to strengthen the region’s supremacy in the global fintech scene, according to government-backed research conducted in Hong Kong.

On June 25, the research division of the Hong Kong Academy of Finance, the Hong Kong Institute for Monetary and Financial Research, published two studies that examined the effects of DeFi and the metaverse on the financial industry.

The ecosystem’s phenomenal rise from a meager $6 billion market capitalization in 2021 to over $80 billion in 2023 was noted in Hong Kong’s DeFi study.

AssangeDAO member Silke Noa says $37 million was spent to rescue Assange.

An estimated 11,000 ETH, or $37 million, of the $3,447,593 worth of Ether, according to Silke Noa, an AssangeDAO member, has gone toward the advocacy and legal defense of AssangeDAO’s The Clock.

Noa gave Assange his freedom by stating that the Wau Holland Foundation was in charge of managing the 16,593 Ether allotment “out of their Safe.global multisignature wallet address.”

Australian writer and campaigner Julian Assange established WikiLeaks, a website that posts sensitive and confidential documents. His incarceration began in April 2019.

In Q2 2024, cryptocurrency losses from scams and hacks increased by 113% to $572 million.

According to information from blockchain security platform Immunefi, cryptocurrency losses from scams and hacks more than doubled in the second quarter of 2024 compared to the same period the year before.

Compared to just $220 million in Q2 2023, over $572 million was lost in Q2. The majority of the quarter’s losses were attributed to centralized exchange hacking. Losses from scams and hackers had been decreasing prior to the second quarter; Immunefi reported a 23% decrease in Q1. Through April and the majority of May, this reduction persisted, but by the end of May and June, losses had sharply risen.

MakerDAO delegate’s $11 million in tokens stolen in phishing scam

Due to signing several signatures, a MakerDAO governance delegate lost $11 million worth of Pendle USDe and Aave Ethereum Maker (aEthMKR) tokens in a phishing scam.

Fraud The incident was discovered by Sniffer in the early hours of June 23. After signing many signs, the user fell victim to the phishing fraud, which resulted in the loss of their digital assets.

Wu Blockchain revealed that Arkham discovered the victim in the instance to be a governance delegate for MakerDAO. A crucial part of the MakerDAO system is the delegate, who helps with decision-making. Delegates have the authority to cast votes on executive votes, polls, and governance proposals, which affect important choices made inside the Maker protocol.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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