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.

Elon Musk Denied Reports of Advising Donald Trump on Crypto

Elon Musk and Donald Trump have been discussing the possibility of Musk advising Trump on issues like cryptocurrency, border security, and the economy if Trump wins the upcoming presidential election. Bloomberg reports ongoing discussions, with Trump’s campaign considering inviting Musk to speak at the Republican convention. The Wall Street Journal notes these talks are still in early stages. However, Musk has denied advising Trump on cryptocurrency, clarifying he never discussed it with the former president.

Read the full story.

Binance Exec Held in Nigeria Reportedly Suffering From Malaria

Tigran Gambaryan, a Binance executive, has been jailed in Nigeria for nine weeks and is suffering from malaria and a throat infection, according to DL News. Gambaryan, who resides in Atlanta, Georgia, arrived in Nigeria on February 26 for talks about Binance’s crypto operations.

Last Thursday, Gambaryan collapsed in court during his money laundering trial in Abuja and was hospitalized. His wife, Yuki, has criticized his detention as "unjust." 

Details in the article. 

Pudgy Penguins to Launch AAA Web3 Mobile Game in 2025

Pudgy Penguins, known for its colorful Ethereum NFTs, is entering the gaming industry. Teaming up with Mythical Games, they plan to launch a AAA mobile game in 2025. The game will feature Pudgy Penguins' unique lore and humor while offering high-quality and accessible gameplay. Expected to reach over five million players, it will use the Mythos Chain (MYTH), which boasts over one million active wallets.

Learn more here.

Babylon Raises $70M in Largest Funding Round in Bitcoin Ecosystem

Babylon, a project focused on a Bitcoin-secured decentralized world, has completed a record $70 million funding round, according to Bloomberg on May 30. Led by Paradigm, the round included investments from Bullish Capital, Polychain Capital, and others. This funding will help Babylon advance its mission for a decentralized Bitcoin-secured economy.

Details in the article. 

Japanese Crypto Exchange DMM Bitcoin Loses $300M+ in Hack

DMM Bitcoin, a Japanese cryptocurrency exchange, reported a major security breach on May 31, 2024, resulting in the theft of over $300 million worth of Bitcoin. According to Arkham Intel, the stolen amount totals 4,502.9 BTC, equivalent to around 48.2 billion yen. DMM Bitcoin has since taken steps to prevent further losses and secure remaining assets.

Find more information in the article.