Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Binance Debuts Inscriptions Marketplace for Users

Binance has rolled out its Inscriptions Marketplace, a key feature of the Web3 Wallet app. This move aims to enhance accessibility to Web3, allowing users to delve into the world of inscription tokens. The launch aligns with Binance's broader strategy to make Web3 more user-friendly, as seen in recent upgrades like support for new chains, enhanced swapping capabilities, and integration with 19 decentralized apps.

Read the full story here.

Avalanche Leads $900M Token Unlock Spree This February

In February, a substantial $900 million in vested tokens is expected to flood the market, spearheaded by major projects like Avalanche, Aptos, and The Sandbox. Avalanche, in particular, is slated to unlock the highest token volume on February 22, releasing 9.5 million tokens valued at around $320 million for purposes such as airdrops, strategic partnerships, and team compensation within its proof-of-stake blockchain initiative, as revealed by Token Unlocks data.

Find more information in the article.

Hong Kong Orders Unlicensed Crypto Firms to Close By May 2024

Hong Kong's Financial Services Department has issued an ultimatum to unlicensed virtual asset service providers (VASPs), mandating closure by May 31, 2024. The government's regulatory stance emphasizes risk-based oversight. Unlicensed VASPs have until February 29, 2024, to submit license applications for continued operations.

More details here. 

Ripple Co-Founder Wallets Reportedly Compromised, $112M XRP Stolen

Ripple co-founder Chris Larsen reportedly lost 213 million XRP tokens, amounting to a staggering $112 million in a cyber attack. On-chain investigator ZachXBT exposed the breach, unveiling that the stolen digital assets were laundered through multiple centralized exchanges.

Learn more about the incident here.

Abracadabra Protocol Hit in $6.5M Security Attack

DeFi protocol Abracadabra Finance suffered a major security breach resulting in a potential loss of millions. Security analysts report a vulnerability exploited for a $6.5 million siphoning. Approximately $29 million is currently stuck in affected contracts, with ongoing efforts to contain the breach. CyversAlerts and Peckshield indicate losses of $10 million and $6.5 million, respectively.

Read the full details.