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DeFi Herald: JPMorgan CEO Recognizes DeFi’s Value, Hacker Zeed Didn’t Get $1M After Hack

The decentralized finance (DeFi) sector continues to attract increasing attention from crypto investors. ForkLog has gathered the most important events and news of the last weeks into a summary.

Main indicators of the DeFi segment

The volume of blocked funds (TVL) in DeFi protocols has dropped to $211 billion. The Curve Finance protocol continues to lead with $19.86 billion. Lido ($18.63 billion) is second and Anchor ($16.14 billion) is third.

Data: DeFi Lama.

TVL drops to $114.8 billion in Ethereum applications In the last 30 days, the indicator has decreased by 2.5% (value was $117.69 billion on March 23).

Data: DeFi Lama.

The decentralized exchange (DEX) trading volume in the last 30 days was $69.3 billion.

Uniswap continues to dominate the non-custodial foreign exchange market, which accounts for 75.3% of the total turnover. In terms of trading volume, the second is DEX Sushiswap (5.1%), and the third is Curve (5%).

JPMorgan president acknowledges the value of blockchain and DeFi technologies

JPMorgan CEO Jamie Dimon acknowledged that blockchain technology and decentralized finance applications have value.

“Decentralized finance and blockchain are real. These are new technologies that can be used in both private and public sectors, with or without permission.”

He says there are many scenarios where distributed ledger technology can change or improve various aspects of the business, such as executing contracts or owning data.

However, the financier is confident that the new technology is still “too expensive or slow” for some tasks.

Hacker hacked Zeed’s DeFi protocol but didn’t get $1 million

An unknown person exploited a vulnerability in the BNB Chain-based Zeed DeFi protocol, but did not withdraw $1 million.

The hacker issued additional tokens of the YEED project and sold them on the market. The price of the coin dropped to zero.

The attacker destroyed the smart contract used in the exploit. As a result, assets are blocked.

Andre Cronje criticized for calling for DeFi regulation

Andre Cronje, founder of DeFi project yEarn Finance, announced the need to regulate the crypto industry and faced criticism from the community.

He argued that the current generation of project developers in the industry are repeating the mistakes of the creators of the current monetary system in order to “do something better”.

Cronje compared the concepts of cryptoethos and cryptoculture. In the first, it included ideas of sovereignty rights, self-sacrifice, and self-perfection. With the latter, he linked property rights, enrichment, and ego.

According to him, crypto culture “suffocated the idea of ​​cryptocurrencies.”

“Now more than ever, I see the need, and even the urgency, of regulation as a remedy, not a prevention mechanism,” said Cronje.

He expressed confidence that in the future “we will see the rise of a new blockchain economy driven not by greed, but by naivety, not trust.” At the same time, Cronje has made it clear that he will not be returning to the industry.

The article caused a great reaction in the society.

“We can only hope that some regulators will megapress the guy legally, and it’s just a psychological operation. I’m not sure, though,” said Larry Cermak, The Block’s vice president of research.

DeFi YouTube host Chris Black wrote:

“Now that you’ve got your money, Andre says DeFi needs government intervention. Because you’re a kid and you don’t know how to keep your fingers off the toaster. What’s missing is the guy who makes and sells faulty toasters.”

Investing in DeFi

Set bloXroute Laboratories Dragonfly Capital has closed a $70 million Series B funding round led by SoftBank Vision Fund 2, with participation from ParaFi Capital, Lightspeed Venture Partners, GSR, Jane Street, Flow Traders, RBF Capital and others.

The funds raised will be used to develop high-frequency trading in the DeFi space and increase staff from 30 to 100.

BloXroute Labs score was not disclosed. The total amount of funds raised reached $95 million.

Landing Protocol Zodiac sign FTX has closed a $9 million Series A funding round led by Three Arrows Capital, with participation from Jane Street, The Spartan Group, Crypto.com and other investors.

The Bastion team announced the launch of leveraged farming, new listings, and plans to gamify DeFi with NFTs over the next few weeks.

Hacks and scams

Ethereum-based stablecoin protocol Beanstalk Farms He lost more than $181 million in cryptocurrencies as a result of the hack. The hacker received about $76 million.

The attacker created a BIP-18 management proposal that included a $250,000 donation to Ukraine and falsified it before he was executed.

Through instant loans, he received:

  • 350M DAI, 500M USDC and 150M USDT in Aave;
  • 32 million BEAN on Uniswap;
  • 11.6 million LUSD at SushiSwap.

The funds were used by the hacker to add liquidity to Curve pools in BEAN and to get control votes – Stalk tokens. It then deployed and sanctioned the malicious BIP-18, which transferred all assets from the protocol to a third-party wallet.

The attacker turned the remaining funds into 24,800 WETH (~$76 million) after removing liquidity and repaying loans. He laundered cryptocurrency through the Tornado Cash mixing service. 250,000 USDC went to the donation address for Ukraine.

landing project Reverse Finance It reported a hacker attack that resulted in the theft of assets worth $15.6 million. The protocol team promised to compensate users for their losses.

According to PeckShield, an attacker exploited a vulnerability in the Keep3r price seer, which Inverse Finance uses to monitor token prices. This exploit allowed the hacker to “cheat” the protocol by inflating INV prices and using the asset as collateral in the Anchor Protocol market.

The company noted that the hacker had to deposit 901 ETH (more than $3.15 million) to carry out the attack. Funds came from Tornado Cash Mixer. The attacker also transferred most of the stolen assets to the service’s address.

The Reverse Finance team has suspended all borrowing transactions in the Anchor Protocol market. The developers appealed to the hacker with a request to return the stolen assets for a fee.

Also on ForkLog:

  • 1inch Network has integrated the Fantom blockchain.
  • Convex Finance fixed a bug that could potentially cost $15 billion.
  • DeFi platform WonderFi will acquire regulated crypto exchange Coinberry.
  • The Gravity DEX protocol of the Cosmos ecosystem will be transferred to its own blockchain.

Source: Fork Log

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