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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.
The United States Department of Justice (DOJ) is actively pursuing DeFi hackers and exploiters who have misappropriated millions of dollars in assets. The DOJ’s leading crypto enforcement official indicated that this is a pressing concern following the activities of North Korean state-sponsored hackers.
The decentralized autonomous organization Bancor DAO is facing a class-action lawsuit regarding its claims of impermanent loss protection.
As Ethereum un-staking commenced on the Beacon Chain, the bankrupt crypto lender Celsius transferred $781 million worth of staked Ether (stETH) from the staking service provider Lido as Ether (ETH) withdrawals became available.
Coinbase Cloud has integrated with the Chainlink Oracle network to enhance the reliability of its smart contracts. Chainlink’s oracle network will include Coinbase Cloud as a node operator to facilitate the provision of high-quality data to various blockchain protocols.
The DeFi market experienced another week of decline, with the total value locked in DeFi protocols dropping below $50 billion after five weeks of upward price movement.
US Justice Department on the lookout for DeFi hackers and thieves: Report
The DOJ’s crypto enforcement leader is intensifying efforts against DeFi hackers and exploiters amid a four-year increase in illegal crypto activities.
In a Financial Times article published on May 15, Eun Young Choi, director of the Justice Department’s National Cryptocurrency Enforcement Team, mentioned that the department is concentrating on thefts and hacks related to DeFi, particularly “chain bridges.” Choi described it as a “fairly significant issue” for the DOJ, especially since North Korean “state-sponsored hackers” have become “key players in this area.”
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Celsius transfers $781 million in stETH just as Lido withdrawals commence
It seems that the troubled crypto lender Celsius is promptly moving its Ether staking tokens from the liquid staking platform Lido, which has recently allowed withdrawals.
On May 15, a transaction was detected on Celsius wallets for 428,015 stETH to the Lido staked Ether wallet. At the time of the transfer, this substantial amount was valued at $781 million, which some speculate is in anticipation of withdrawal. On-chain data indicates that Celsius conducted a test withdrawal of 0.1 stETH a few hours later.
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Bancor DAO faces class-action lawsuit over impermanent loss protection claims
A collective of investors has initiated a class-action lawsuit against the Bancor decentralized autonomous organization; its operator, BProtocol Foundation; and its founders in the United States District Court for the Western District of Texas. The plaintiffs assert, among other allegations, that Bancor misled investors regarding its impermanent loss protection (ILP) mechanism for liquidity providers and operated as an unregistered security.
The lawsuit claims that Bancor’s v2.1 investment product, launched in October 2020 and the second to feature ILP, functioned at a loss that the defendants were aware of and attempted to mask by introducing a new product, v3, which promised: “some of the most competitive returns anywhere […] without requiring users to assume any risk.”
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Coinbase Cloud connects to Chainlink oracle network to enhance smart contract reliability
Coinbase Cloud will utilize its global infrastructure and expertise in managing blockchain data to strengthen the security and reliability of the Chainlink blockchain oracle network.
The U.S.-based cryptocurrency exchange’s cloud service will serve as a new node operator on the Chainlink network in a collaboration aimed at enhancing the decentralization of the Web3 ecosystem.
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DeFi market overview
The total market value of DeFi experienced a slight increase over the past week. Data from Cointelegraph Markets Pro and TradingView indicates that the top 100 DeFi tokens by market capitalization had a bearish week, with the majority of tokens trading in the negative. The total value locked in DeFi protocols fell below the $50 billion threshold.
Thank you for reading our recap of this week’s most significant DeFi developments. Join us next Friday for more stories, insights, and education regarding this rapidly evolving sector.
