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.

El Salvador's President Bukele Reveals $3M Profit in Country's Bitcoin Investment

El Salvador's President Nayib Bukele recently declared the country's Bitcoin investment profitable, with gains surpassing $3 million after last weekend's surge to $42,000. Bukele reaffirmed El Salvador's commitment to long-term strategy and challenged critics to acknowledge the country's newfound profitability.

Read the full story here.

Platypus Hackers Walk Free as Paris Court Dismisses Charges After $8.5M Heist

The criminal court in Paris has dismissed charges against Platypus hackers, Mohammed M and Benamar M, involved in an $8.5 million exploit last February. The decision is based on the court's view that "French criminal law does not technically forbid hacks of protocol."

Learn more about the development in the article. 

VanEck Unveils Updated Spot Bitcoin ETF With “HODL” Ticker

VanEck, the asset management firm, submitted an amended filing for its spot Bitcoin exchange-traded fund (ETF) named "VanEck Bitcoin Trust" with the ticker "HODL." This marks their fifth attempt, and they are hopeful for SEC approval in January, with positive signals from ongoing discussions. 

Learn more here. 

El Salvador Launches Million-Dollar Crypto Citizenship Program

El Salvador has introduced the "Adopting El Salvador Freedom Visa Program," allowing 1,000 individuals to gain residency and citizenship through a substantial investment. The entry fee is set at a hefty $1 million in Bitcoin or Tether, with a non-refundable $999 deposit. The program could generate up to $1 billion for El Salvador if all spots are filled.

Find more information in the article.

JP Morgan Chief Jamie Dimon Strongly Advocates for Shutting Down Crypto

JP Morgan CEO Jamie Dimon reiterated his strong opposition to cryptocurrencies during a Senate hearing, suggesting a government-led shutdown of all digital assets, including Bitcoin. Dimon emphasized concerns about crypto's alleged facilitation of criminal activities like drug trafficking and money laundering. 

Read the full story here.