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Welcome to Finance Redefined, your weekly source of crucial decentralized finance (DeFi) insights — a newsletter designed to deliver the most important updates from the previous week.
April witnessed numerous hacks, exploits, and rug pulls that culminated in a total loss exceeding $100 million across various DeFi protocols.
With the escalating memecoin excitement, the likelihood of exploits has surged significantly, as WallStreetBets — a well-known trading subreddit — reportedly scammed its users out of $635,000 just days after distributing approximately $15,000 in an airdrop.
The DeFi protocol Level Finance fell victim to an exploit that led to a loss of nearly $1 million. The attacker exploited a “claim multiple” vulnerability in a Level Finance smart contract to abscond with over 214,000 native Level Finance (LVL) tokens from the platform.
The activity in liquid staking protocols has seen a substantial increase over the past few weeks, surpassing decentralized exchanges (DEXs). From April 13 to May 1, the total value locked (TVL) in decentralized exchanges decreased by $1.66 billion, while liquid staking protocols saw an increase of $280 million.
Liquid staking solutions now have more TVL than DEXs: DefiLlama
Liquid staking solutions such as Lido and Rocket Pool now boast a higher total value locked than DEXs, establishing them as the leading category of DeFi protocols according to data from the crypto analytics platform DefiLlama.
Liquid staking protocols have recently claimed the top position. On April 13, $17.19 billion in cryptocurrency was locked in liquid staking contracts, compared to $18.89 billion in DEXs, based on archived data. However, DEXs have seen a decline of $1.66 billion to $17.2 billion, while liquid staking solutions have experienced a $280 million rise to $17.47 billion.
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April’s crypto scams, exploits and hacks lead to $103 million lost — CertiK
Crypto exploits, exit scams, and flash loan attacks persisted in April, resulting in over $103 million in stolen funds from crypto projects and investors. On April 30, crypto security and auditing firm CertiK released an April summary of crypto exploits, scams, and hacks, indicating that total funds lost amounted to $103.7 million, bringing the total losses for the year to date to $429.7 million.
The month was marked by notable crypto exploits, including $25.4 million lost due to an exploit involving several maximal extractable value trading bots on April 3, $22 million taken in a hot wallet exploit at the Bitrue exchange, and the $13 million hack of the South Korean GDAC exchange.
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Level Finance confirms $1 million exploit due to buggy smart contract
The decentralized exchange Level Finance suffered a security breach that enabled an attacker to steal over $1 million worth of the exchange’s native LVL token.
Level Finance notified its 20,000 Twitter followers that more than 214,000 LVL tokens had been drained and exchanged for 3,345 BNB (BNB), with an estimated value of $1.01 million.
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WallStreetBets mod dumps memecoin worth $635,000 in alleged rug pull
A moderator from the popular trading subreddit r/WallStreetBets has sold off a significant amount of WSB Coin (WSB), a token project that claims to be the official memecoin of Wall Street Bets.
On May 2, WSB was launched by individuals involved in moderating the WallStreetBets Reddit forum. The subreddit gained fame for the GameStop short squeeze, which severely impacted hedge funds in January 2021. The creators of the WSB token asserted that there would be no allocation for the team and that 10% of the coins would be set aside for the subreddit.
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DeFi market overview
The total market value of DeFi experienced a slight uptick this past week. Data from Cointelegraph Markets Pro and TradingView indicates that the top 100 DeFi tokens by market capitalization had a varied week, with most tokens trading in the negative. The total value locked in DeFi protocols was just above $50 billion.
Thank you for reading our summary of this week’s most significant DeFi developments. Join us next Friday for additional stories, insights, and education regarding this rapidly evolving space.
