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.

WazirX Reports Breach to FIU, Reaches Out to 500+ Exchanges After $235M Hack

On July 18, 2024, Indian crypto exchange WazirX suffered a security breach resulting in a $235 million loss from one of its multisig wallets. 

WazirX has filed a police complaint, informed the Financial Intelligence Unit (FIU) and CERT-In, and initiated additional legal actions. They are working with over 500 exchanges to block the identified addresses and collaborating with forensic experts and law enforcement to recover the stolen funds and prevent future breaches.

Full story here.

Donald Trump Commits to In-Person Speech at Bitcoin 2024 After Surviving Attack

Former President Donald Trump is set to deliver the keynote address at the Bitcoin 2024 Conference in Nashville, Tennessee, from July 25-27, despite surviving an assassination attempt on July 13 in Pennsylvania. David Bailey, CEO of Bitcoin Magazine, confirmed Trump's participation, which had been in question following the attack during a rally in Butler, Pennsylvania.

Find more information here.

Michael Novogratz’s Galaxy Digital Acquires $1B in Ethereum Staking Assets

Galaxy Digital Holdings Ltd. (TSX: GLXY) has acquired nearly all assets of CryptoManufaktur LLC (CMF), boosting its Ethereum staking capabilities. CMF's three-person engineering team, including founder Thorsten Behrens, will join Galaxy's blockchain infrastructure team. This move aims to strengthen Galaxy's staking and validator services for investors, protocols, and digital asset platforms.

Learn more in the article.

South Korea's New Crypto Law Takes Effect: What We Know 

On July 19, 2024, South Korea's Virtual Asset User Protection Act (VAUPA) came into force, aiming to regulate the cryptocurrency market and enhance user safety. The country, a leading player in the global crypto scene, saw the Korean won surpass the US dollar as the top fiat currency for crypto trading in early 2024. The new law seeks to balance investor protection with promoting innovation in the crypto industry.

Details here. 

SEC Approves Grayscale and ProShares Ethereum ETFs for NYSE Arca Listing

The SEC has approved the Grayscale Ethereum Mini Trust and the ProShares Ethereum ETF to list on the NYSE Arca platform. This decision follows a Form 19b-4 filing, allowing NYSE Arca to begin trading these funds. However, final comments on the ETFs' S-1 filings are still pending. Grayscale plans to convert its Grayscale Ethereum Trust (ETHE) into an ETF, launching the Mini Trust with 10% of ETHE’s assets.

Read the full story.