Welcome to Finance Redefined, your weekly dose of essentials decentralized finance (DeFi) Insights - A newsletter designed to bring you the most significant developments of the past week.
This week in DeFi, the hacker behind the $8.9 million SafeMoon exploit agreed to return most of the stolen funds. According to the developers of the project, the hacker will return 80% and keep the remaining 20%.
US crypto lender BlockFi has been given an additional 48-day extension to file its exit plan by a New Jersey bankruptcy judge, exploring the potential sale of company assets and restructuring.
ether (ETH) hit a new 11-month high even as post-Shapella withdrawals peaked at over 1 million ETH. Meanwhile, Ethereum gas fees hit new multi-month highs due to a new memecoin frenzy. The intense traffic in the network allowed a maximum extractable value (MEV) bot to make millions in sandwich feats.
The top 100 DeFi tokens snapped a two-week bullish streak that began in anticipation of Ethereum's Shapella upgrade, with most of said tokens trading in the red on the weekly charts.
SafeMoon hacker agrees to return 80% of stolen funds, says dev team
The attacker who drained $8.9 million of BNB (bnb) from SafeMoon has agreed to return 80% of the funds, according to an April 18 blockchain message from the SafeMoon team.
The encrypted message was the latest in a series of communications between the SafeMoon team and the attacker as the parties tried to reach an agreement.
BlockFi Crypto Lender Given Extra Time To File Chapter 11 Exit Plan
BlockFi, a digital asset lender, was given additional time to file a bankruptcy exit plan by a New Jersey bankruptcy judge in the United States on April 19.
The cryptocurrency lender declared bankrupt in November 2022 and was reportedly given a 48-day extension until May 15 to submit an exit plan. The crypto firm is exploring a possible sale of the company's assets or the possibility of obtaining outside backing to support a restructuring deal, BlockFi attorney Joshua Sussberg said in a hearing on April 19.
Ether hits 11-month high as post-Shapella withdrawals top 1 million ETH
Over 1M ETH, worth $2.1B, was withdrawn from the Ethereum Beacon Chain in the first four days of the Shapella fork, with Ether reaching over $2,100 for the first time in 11 months.
The 1.03 million ETH withdrawn came from 473,700 withdrawal requests, and April 15 represented the biggest withdrawal day with 392,800 ETH, according to data from Beacon Chain.
Subway-themed trading bot makes millions using "sandwich" attacks
An anonymous MEV bot operator cashed in over $1 million this week by executing "sandwich attacks" against buyers and sellers of two new memecoins.
The wallet address, linked to the Ethereum Name Service domain "jaredfromsubway.eth", made $950,000 from the April 18 sandwich attacks and made profits of around $300,000 and $400,000 on April 17 and 19. , respectively, according to an April 19 tweet from non-fungible token data. Sealaunch platform.
DeFi Market Overview
DeFi's total market value plunged by $4 billion last week. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization had a bearish week, with most trading in the red. The total value locked in DeFi protocols fell below $50 billion.
Thanks for reading our roundup of this week's most impactful DeFi developments. Join us next Friday for more stories, ideas, and education on this dynamically-advancing space.
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