Major Developments in DeFi
This week brought a rollercoaster of events in the decentralized finance (DeFi) world, reminding us that one day you can be living your best crypto life, and the next you’re chasing down hackers and filing bankruptcy. Just another week in the life of digital finance!
SafeMoon Hacker Promises to Return Stolen Funds
In a stunning twist, the infamous hacker behind the $8.9 million SafeMoon exploit has agreed to return a significant portion of stolen funds. According to the developers, the hacker will hand back a whopping 80% of it while pocketing the remaining 20%. Talk about a generous thief! The encrypted communications between the SafeMoon team and the hacker illustrate the bizarre reality of the crypto space, where trust issues are as common as memecoins.
BlockFi Receives Extension for Bankruptcy Plan
On the bankruptcy front, BlockFi—your not-so-average crypto lender—found some relief as a New Jersey judge granted them an additional 48 days to nail down a solid exit plan. Since filing for bankruptcy in November 2022, BlockFi has been exploring whether to sell off their assets or bring in some outside help to restructure. BlockFi lawyer Joshua Sussberg hinted at various possibilities during a hearing, keeping everyone guessing about the company’s next big move.
Ether (ETH) Reaches New Heights
On the brighter side of things, Ether (ETH) celebrated an impressive feat as it hit a new 11-month high, surpassing $2,100. This milestone came amidst a frenzy of withdrawals following the Shapella upgrade, where over 1 million ETH was withdrawn from Ethereum’s Beacon Chain. With such significant numbers flashing on our screens, it’s no wonder that gas fees skyrocketed, reminding us all that with great power comes great transaction fees. We can only hope they won’t ask us to start paying rent in ETH gas fees next!
Sandwich Attacks: The New Trend in DeFi
In a quirky turn, an anonymous operator of an MEV (Maximal Extractable Value) bot made quite the splash this week, earning over $1 million using “sandwich attacks” on eager beavers buying up two new memecoins. Nicknamed “jaredfromsubway.eth,” this ethereal entity pocketed nearly $950,000 on April 18 alone. It’s a classic tale of how one person’s trade becomes another’s juicy sandwich—perhaps not your typical lunch, but who are we to judge in the bizarre world of DeFi?
The Market’s Bearish Mood
Despite a week filled with striking news, DeFi’s total market value took a hit, plunging by $4 billion. The indices showed that the top 100 DeFi tokens faced a bearish wave, with most trading in the red as the total value locked dipped below $50 billion. It seems like the DeFi market isn’t just playing hard to get—it’s in full-blown hibernation!
As we wrap up this rollercoaster week in DeFi, it’s clear that the landscape is as dynamic as ever. Stay tuned for more news, quirky stories, and insightful updates every Friday!
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