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 Faces Record $10B Penalty in Nigerian Government Crackdown

The Nigerian government has levied a hefty $10 billion fine on crypto exchange, Binance. The decision follows an investigation by the Office of the National Security Adviser (ONSA) into Binance's activities along with other crypto platforms. Onanuga cited alleged illegal operations by Binance, which the government believes contributed to the devaluation of the Nigerian Naira, resulting in significant losses for the nation.

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Telegram To Launch Ad Platform On Ton Blockchain For Channel Owners Worldwide

Telegram CEO Pavel Durov announced a monetization plan for the platform's broadcast channels, allowing creators to earn from ad revenue. Starting next month, channel owners can claim a 50% share of ad earnings, with the other 50% going to Telegram. With a massive audience of 1 trillion impressions per month, creators stand to benefit significantly.

Get the full details in the article. 

Elon Musk Sues Worldcoin Co-Founder Sam Altman: Here Are The Reasons

Elon Musk sued OpenAI, alleging breach of nonprofit commitment. The Tesla and SpaceX CEO claims the organization, co-founded by him in 2015, has shifted focus towards profit under Microsoft alignment, diverging from its initial mission of public benefit. 

Learn more in the article.

DWF Labs Commits Additional $10M Investment in Floki as Partnership Strengthens

Investment firm DWF Labs is injecting $10 million into $FLOKI tokens, bolstering Floki's standing in the crypto sphere. This move follows a prior investment of $5 million in May 2023, signaling a sustained partnership aimed at enhancing Floki's utility and market presence.

Details here. 

Shido Smart Contracts Exploited Leading to $35M in Losses

Shido, a promising layer-1 blockchain gearing up for the launch of its mainnet, suffered a major setback after falling prey to a devastating $35 million exploit. The attacker managed to manipulate Shido's Ethereum staking contract, enabling them to withdraw staked tokens. Despite the setback, Shido is actively addressing the exploit and working towards a solution.

Read the full story here.