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 Founder Changpeng Zhao Steps Down as CEO and Pleads Guilty in $4 Billion Settlement

In one of the biggest stories of the week, Binance CEO Changpeng "CZ" Zhao stepped down from his role at the crypto exchange in the wake of a $4 billion settlement with the Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC). The settlement, which excludes the Securities and Exchange Commission (SEC), addresses anti-money laundering charges against Zhao.

Read the full story here.

Blur Founder's Layer 2 Network 'Blast' Secures $20M in Latest Funding Round

Blast, an Optimistic Rollup Layer 2 network, recently secured $20M in funding led by Paradigm. Notable investors include Standard Crypto, EGirl Capital, and key figures like Andrew Kang and Larry Cermak. Founded by Tieshun Roquerre, creator of NFT marketplace Blur, Blast aims to tackle high transaction costs in digital collectibles.

Find more information in the article.

Heco Chain Faces $86 Million Exploit: On-Chain Security Platform Raises Alarms

Heco Chain Bridge faced a recent exploit leading to an $86.6 million loss. Wintermute's Igor Igamberdiev and PeckShield reported approximately $86.6 million extracted from the Heco bridge. In response, Tron founder Justin Sun pledged full compensation for losses while Heco Chain temporarily suspended deposits and withdrawals.

Learn more in the article.

KyberSwap Loses $47 Million in Unprecedented Hack Attack

KyberSwap, a prominent product of Kyber Network, fell victim to a major security incident impacting various networks, including Orbitrum, Ethereum, and Polygon. Suspected to be a hack, the breach occurred on Nov. 23, causing an estimated loss of around $47 million. The attack focused on Elastic pools liquidity, resulting in a significant depletion of KyberSwap’s LP pools. 

Read the full story here. 

Genesis Launches $689M Lawsuit Against Gemini Over Preferential Transfers

Cryptocurrency lender Genesis Global Capital is suing former partner Gemini Trust for over $689 million, alleging "unprecedented withdrawals" before bankruptcy, contributing to a "run on the bank." The court filing asserts Gemini executed preferential transfers of $689,302,000 during market turmoil, disadvantaging creditors. Genesis seeks court intervention to rectify the perceived injustice.

Learn more about the development here.