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. 

Crypto Exchange Hotbit Shuts Down CEX Operations

In a heartfelt message to its users, Hotbit, a popular cryptocurrency exchange with 5 million users announced it is shutting down all CEX operations, urging users to withdraw all remaining assets from the exchange by June 21.

Learn more in this article.

Binance Secures First Southeast Asian License in Historic Move

Thailand's SEC has granted Binance, the world's largest cryptocurrency exchange, its first license in Southeast Asia. This approval enables a partnership between Binance and Gulf Energy Development, a leading Thai power producer, to establish a digital asset exchange and brokerage. The joint venture, named Gulf Innova, will launch in the fourth quarter of 2023.

Find more information here. 

Euro Coin on Avalanche: Circle's Game-Changing Move to Enhance Euro Liquidity

Circle recently unveiled the Euro Coin on the Avalanche Network, making it the latest Circle-based product to go multi-chain. The move aims to enhance euro liquidity and provide a more user-friendly option for users worldwide who want to engage in euro transactions, adding to USDC's existing USD functionality. 

Learn more in this article.

Major Security Flaw Uncovered: Jump Crypto Reveals Critical Vulnerability in Celer's State Guardian Network

Blockchain security firm Jump Crypto discovered a critical vulnerability in Celer's State Guardian Network (SGN), a blockchain for cross-chain communication. The flaw could have let a malicious validator compromise the entire network, including the popular Celer cBridge with a TVL of $130 million. Jump Crypto reported it to Celer, who fixed it quickly, and no exploitation was detected.

Get details in this article.

STEPN's Integration of Apple Pay Signals a New Era for Web3 and Mass Adoption

Earlier in the week, Web3 move-and-earn platform STEPN became the first blockchain gaming app to integrate Apple Pay. The achievement is significant for STEPN and the entire Web3 ecosystem. With Apple Pay integration, STEPN users can now make secure and convenient in-app purchases of STEPN products without needing a separate crypto wallet. 

Find more information here.