Welcome to Finance Redefined, our weekly dose of essential decentralized finance (DeFi) insights – a newsletter created to bring you the significant developments of the past week.
DeFi will be in focus during the Commodity Futures Trading Commission (CFTC) technology advisory meeting, where a panel will “explore issues in decentralized finance.”
Polygon, a layer-2 scaling protocol for Ethereum, has launched its zero-knowledge decentralized identity solution to the public almost a year after announcing its development.
The cryptocurrency phishing scams behind some of the most high-profile and high-value Web3 thefts claim to have folded up shop, saying it’s “time to move on to something better.”
In another development related to DeFi exploits, Platypus Finance has created a portal that allows users to see how much the platform owes after a recent $9.1 million exploit. French police have arrested two suspects and seized 210,000 euros ($223,000) worth of crypto in connection with the Platypus exploit.
The DeFi market had a bearish start to March, where the price slump on Thursday wiped out most of the gains of the top 100 DeFi tokens. Barring a few, most of the top 100 tokens are trading in the red on the weekly chart.
Decentralized finance will be explored at the inaugural CFTC technology advisory meeting
The United States commodity regulator is set to take a closer look at the decentralized finance space at an upcoming technology committee meeting, with crypto industry executives also invited.
The CFTC announced on March 1 that the agenda for the March 22 meeting of the Technology Advisory Committee will include a panel on “exploring issues in decentralized finance.”
Continue reading
Notorious crypto scam Monkey Drainer says he’s ‘dead’
A fraudster under the pseudonym Monkey Drainer posted on his Telegram channel on March 1 that he “will be killed immediately,” and that all “files, servers and devices” associated with the drainer “will be destroyed immediately” and “will not return. .”
The scammer even advises budding “young cyber criminals,” saying they should not “lose themselves in the pursuit of easy money,” and only those “with the highest level of dedication” should operate “large-scale cybercrime” outfits.
Continue reading
Polygon launches a decentralized ID product powered by zk-proofs
Polygon’s ID service uses zero-knowledge proof, which uses cryptographic techniques to allow users to verify their identity online without sending sensitive information or being able to store it with third parties.
Polygon Labs announced Polygon ID publicly on March 1st, almost 12 months after the project was officially launched in a closed source environment. Polygon’s team says Polygon ID was built to “solve the digital trust problem.”
Continue reading
French police arrest 2 people in connection with Platypus attack
French police have arrested two suspects in connection with the $9.1 million Platypus exploit, and 210,000 euros ($223,000) have been seized, according to local authorities.
The investigation that led to the arrest was supported by on-chain sleuths ZachXBT and crypto exchange Binance, Platypus said. The same exploit compromised the decentralized protocol in three flash lending attacks on February 16.
According to the latest update of the protocol, it launched a page that allows viewers to check how much compensation they can receive from the platform. The page contains several sections that allow the user to better understand the amount owed after exploitation. This includes summary, pre-attack net worth and post-attack adjustments.
Continue reading
DeFi market overview
Analytical data revealed that the total value of the DeFi market remained below $50 billion this past week. Data from Cointelegraph Markets Pro and TradingView show that the top 100 tokens in DeFi by market capitalization had a bearish week, with many tokens trading in the red, not a few.
Thanks for reading our roundup of the most useful DeFi developments of the week. Join us next Friday for more stories, insights and education in this dynamically developing space.