Decentralized Finance Weekly Recap: ZK Token Distribution, Kraken's $3M Exploitation Saga, and DeFi Market Overview
Summary:
This weekly recap of key events in the decentralized finance (DeFi) sector discusses major happenings such as the distribution and subsequent selling of the zkSync (ZK) tokens. It also highlights other significant developments involving major cryptocurrency exchanges, including a $3 million exploitation of the Kraken exchange and subsequent recovery, privacy updates from Consensys' MetaMask, and a partnership between DeFi platform 1inch and Web3 security provider Blockaid to improve security measures. The summary culminates with an overview of the bearish market performance of DeFi tokens.
Welcome to Finance Redefined, your weekly roundup of key decentralized finance (DeFi) happenings — a digest meticulously curated to bring you up to speed with the salient events from the previous week.In the world of DeFi over the last seven days, the highlight was the distribution of the zkSync (ZK) tokens and the surprising revelation that a vast number of the wallet holders who availed of the airdrops have since let go of their tokens.Another noteworthy incident was the malicious manipulation of the Kraken exchange resulting in an exploitation worth $3 million. However, the integrity firm CertiK maintained it was a simple case of white-hat hacking. After severe backlash and allegations of unlawful threats, the integrity firm handed the exploited properties back to the crypto exchange.Ending the Kraken Bug Bounty Saga: Kraken regains the $3 millionKraken, the cryptocurrency exchange, has successfully retrieved the missing funds after a notorious bug bounty hacking catastrophe. Kraken confirmed the restitution of the stolen digital assets which were nearly $3 million in value, putting the widely publicized Kraken-CertiK quarrel that dated back to June 9 to an end.The chief security officer of Kraken, Nicholas Percoco, authenticated the returns barring transaction charges. The first reference to the missing $3 million by the Kraken executive happened on June 19. According to him, a “security researcher" mischievously transferred them from the vault after spotting a bug and divulging the vulnerability to others.Latest News on MetaMask Privacy Updates It's important to note that Consensys, the force behind MetaMask, has overhauled its privacy policy to better user consent, transparent undertakings, and power over personal data. A news release provided to Cointelegraph indicated that the modifications were intended to employ robust privacy and security practices for the users of Consensys’ services, including MetaMask. There were several notable revisions to Consensys' privacy policy, including guaranteed internet protocol address processing visibility, enlarged capacity, and improved user database governance. Post ZK Airdrop Status: 41% Top Wallets Entirely Sold Out Almost half of the top wallets which received the novel ZK token on Monday, June 17, have sold their complete allocation in the airdrop, leading to a 34.5% drop in ZK's price since its launch.According to information from blockchain analysis company Nansen, nearly 41% of recorded addresses gave up their entire airdrop, while 29.2% sold a portion of their tokens. The total sale from both these groups exceeded 486 million ZK. Just above 30% of the highest recipient wallets are still holding their ZK tokens.1inch commits to Blockaid in an attempt to thwart DeFi fraud and cyber intimidation DeFi platform, 1inch, has forged a strategic alliance with Web3 security provider Blockaid, with an aim to augment security procedures within its chain. On June 20, 1inch Network divulged its objective of detecting and combatting unscrupulous acts such as phishing attacks and hacking attempts. The DeFi platform specified that the security characteristics of Blockaid, which includes simulating transactions before the final execution, would prove essential in augmenting DeFi security.A brief overview of the DeFi marketBasic data obtained from Cointelegraph Markets Pro and TradingView revealed that the week was a bearish one for DeFi’s top 100 tokens by market capitalization, with the majority painting the weekly charts red. The overall value enclosed in DeFi protocols had slipped below $100 billion.Thank you for tuning into our encapsulation of this week’s most consequential DeFi progressions. Tune in next Friday for your next batch of compelling stories, insights, and lucid explanations regarding this rapidly evolving domain.
Published At
6/21/2024 10:25:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.