Barely Halfway There and October Is Already The Biggest Month For Crypto Hacks: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) information – a newsletter designed to bring you significant developments over the past week.

October is historically associated with bulls, but in 2022, the month has also become the leading cryptocurrency hack by just over half, and the DeFi ecosystem has already seen nearly a dozen hacks resulting in losses of hundreds of millions. of dollars.

The largest hack occurred on Solana’s DeFi platform Mango Markets on Oct. 11, resulting in a loss of over $100 million in cryptocurrency. The hacker has now come out to demand $70 million worth of USD Coin (USDC) stablecoin as a reward for returning the stolen crypto.

In another hack, TempleDAO was exploited for $2 million on the same day as the Mango Market exploit.

Moving on from hacking exploits, DappRadar, a DeFi analytics firm, came up with its version of the explanation for why its estimate on daily active users in the $1.6 billion metaverse ecosystem Decentraland came in at less than 40 .

The top 100 DeFi tokens faced bearish pressure throughout the week, with some relief coming on Thursday. All but a few of the tokens traded in the red on the weekly charts, with the total value locked (TVL) dipping below $50 billion.

Barely Half Over and October Is ‘Biggest Month’ in Crypto Hacks: Chainalysis

Blockchain analytics firm Chainalysis has called October 2022 “the biggest month in the biggest year for hacking activity,” with the total hacked value for the month nearly reaching $718 million.

Despite not being more than halfway through the month, Chainalysis said that 11 different hacks into DeFi protocols had seen hundreds of millions exploited.

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Mango Markets hacker proposes abrupt deal

On Oct. 12, a day after $117 million was mined from Solana’s DeFi platform Mango Markets via a price feed exploit, the hacker responsible for the attack demanded a settlement. The proposal was presented at the Mango Markets decentralized autonomous organization (DAO) governance forum.

If approved, the procedure would involve the hacker sending stolen MNGO, SOL (SOL), and Marinade Staked SOL tokens to an address provided by the Mango DAO team. Users without bad debts will be fully redone. However, the hacker demands that any bad debt be seen as a bug bounty and insurance to be paid through the community treasury worth 70 million USDC, or $70 million.

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DappRadar explains why it had less than 40 active users on Decentraland

Crypto Twitter was shocked by reports claiming that Decentraland, a $1.2 billion metaverse ecosystem, has had fewer than 40 daily active users recently. The data, courtesy of DeFi analytics firm DappRadar, created quite a stir among the crypto community, raising questions about the future of Web3.

Decentraland was quick to refute those metrics, stating that to get a better look at the platform’s user activity, one should check the dashboard on the website. The Metaverse platform noted that it counted 1,074 users who interacted with smart contracts in September and a total of 56,697 registered users monthly.

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MakerDAO revenue drops 86% on Ether and Wrapped BTC issues

MakerDAO, the governing body of the Maker Protocol, has seen its revenues fall in Q3 2022, caused by a drop in loan demand and few settlements, while expenses have remained high.

According to an Oct. 13 tweet from Johnny_TVL, an analyst at Messari and co-author of “The State of Maker Q3 2022,” the decentralized autonomous organization saw its revenue drop to just over $4 million in Q3, down 86% from the previous quarter. previous quarter. .

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DeFi Market Overview

Analytical data reveals that the total value of DeFi recorded another drop, with the value of TVL falling to $50 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a mixed week, with most tokens trading in the red on the 7-day chart, bar a few.

Maker (MKR) continued its bullish momentum in the second week of October, posting a 10.78% gain over the past seven days. No other DeFi tokens in the top 100 were trading in the green on the weekly chart.

Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education in this fast-paced space.