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. 

SEC Dismisses Rumors of Chairman Gary Gensler's Resignation

The U.S. SEC has denied rumors of Chairman Gary Gensler resigning after speculation sparked from a false article originating from unknown sources. The report alleged Gensler's resignation due to an internal investigation. Initially, the crypto community celebrated the news as Gensler has been critical of the industry, constantly pushing for stricter regulations.

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Hotbit Executes Massive Rugpull; Wreaks Havoc on RichQuack and Other Projects

DeFi project, RichQuack, has been hit by an unprecedented rugpull orchestrated by the now-defunct exchange Hotbit. Hotbit sold an estimated 256 trillion $QUACK tokens ($153,800) belonging to users on PancakeSwap. RichQuack has not only suffered significant losses, with approximately $100,000 in $USDT and $QUACK disappearing from their Hotbit balance, but their withdrawal requests have also gone unanswered. This distressing event has sent shockwaves through the crypto community, impacting other projects like BabyDogeCoin and DogelonMars. 

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Binance CEO Addresses Departure of Senior Executives Amid Regulatory Pressure

Binance CEO Changpeng Zhao has dismissed the recent reports of senior executives leaving the company as FUD. CZ acknowledged the occurrence of staff turnover, emphasizing that it is a common phenomenon in any organization. He also expressed gratitude to former team members for their contributions and wished them well in their future endeavors.

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Singapore Proposes Ban on Crypto Lending and Staking to Safeguard Customer Assets

Singapore's Monetary Authority (MAS) plans to implement a new regulation mandating cryptocurrency exchanges to safeguard customer assets in a trust by the end of this year, as reported by Bloomberg on July 3. Additionally, the MAS is actively considering prohibiting lending and staking activities for retail investors, deeming the activities unsuitable for the public. 

Learn more in this article. 

Multichain Shuts Down Operations After $122 Million Outflows from Fantom Bridge

Multichain has halted its operations after experiencing massive outflows to multiple wallets, totaling a staggering $125 million. The most significant breach took place on the Fantom bridge, resulting in the depletion of $122 million worth of assets, including wBTC, USDC, USDT, and various altcoins. The protocol has currently advised users to cease utilizing Multichain services and revoke any contract approvals associated with the platform.

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