Ethereum

2024

DeFi

Seneca

<p data-ct-non-breakable="true">Welcome to Finance Redefined, your weekly dose of essential <a href="https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance">decentralized finance (DeFi)</a> insights — a newsletter crafted to bring you the most significant developments from the past week.</p>
<p>In a fireside chat at ETHDenver, United States Securities and Exchange Commission (SEC) Commissioner Hester Pierce advocated for more decentralization and said centralization means that “you have concentrated risks.” </p>
<p>An attacker took control of the Shido blockchain’s Ethereum staking contract and transferred out billions of Shido (SHIDO) tokens, according to PeckShield.</p>
<p>According to a new Immunefi report, Ethereum is the most targeted chain by hackers in 2024, accounting for 85% of the value lost in February.</p>
<p>The top 100 DeFi tokens continued their bullish momentum, and the total value locked in DeFi protocols breached $95 billion.</p>
<h2 data-ct-non-breakable="true" id="sec-s-pierce-wants-more-decentralization-in-the-financial-system">SEC’s Pierce wants more decentralization in the financial system</h2>
<p data-ct-non-breakable="true">The SEC commissioner has advocated for more decentralization in the U.S. financial system and a softer approach to crypto regulation and enforcement.</p>
<p>Pierce, also known as “Crypto Mom,” closed her fireside chat with CNBC’s MacKenzie Sigalos at the ETHDenver conference on Feb. 29, stating that decentralization benefits the U.S. financial system.</p>
<p><a href="https://cointelegraph.com/news/sec-hester-pierce-wants-more-decentralization-in-financial-system"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="funds-hacked-in-2024-increased-by-15-4-vs-the-same-period-in-2023">Funds hacked in 2024 increased by 15.4% vs. the same period in 2023</h2>
<p data-ct-non-breakable="true">Over $200 million worth of cryptocurrency has been lost to hacks and rug pulls in 2024 year-to-date (YTD) across 32 individual incidents, according to a Feb. 29 research report by blockchain security firm Immunefi.</p>
<p>The loss YTD represents a 15.4% increase compared to January and February 2023, when $173 million of digital assets were stolen.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/hacked-funds-2024-increased-compared-last-year"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="seneca-stablecoin-hacker-returns-stolen-funds-after-6-4-million-exploit">Seneca stablecoin hacker returns stolen funds after $6.4 million exploit</h2>
<p data-ct-non-breakable="true">Stablecoin protocol Seneca offered a 20% bounty to the exploiter who gained access to at least $6.4 million in digital assets after exploiting an approval mechanism bug in the protocol’s smart contract. </p>
<p>On Feb. 28, multiple blockchain security firms <a href="https://twitter.com/CertiKAlert/status/1762871285036511328" target="_blank" rel="noopener nofollow">flagged</a> the exploit on the stablecoin protocol. Companies like CertiK warned users about the exploit, urging them to revoke approvals from an address on the Ethereum and Arbitrum networks. Initial <a href="https://twitter.com/spreekaway/status/1762857769714012217" target="_blank" rel="noopener nofollow">estimates</a> of the losses were put at $3 million, but it was later found that over 1,900 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH)</a>, worth about $6.4 million, was taken from the exploit.</p>
<p>Hours after Seneca’s message, the hacker returned about 1,537 ETH, worth around $5.3 million, to the wallet address Seneca specified.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/seneca-hacker-returns-stolen-funds-exploit"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="shido-token-plummets-94-as-exploiter-drains-ethereum-staking-contract">Shido token plummets 94% as exploiter drains Ethereum staking contract</h2>
<p data-ct-non-breakable="true">The token for the layer-1 blockchain Shido dropped 94% in just 30 minutes after suffering an exploit on its Ethereum-based staking contract.</p>
<p>Blockchain security firm PeckShield alerted its followers to the drop in a Feb. 29 X post. A follow-up post explained that an exploiter transferred the blockchain’s Ethereum staking contract to another address with the new owner and then upgraded the contract with a hidden function to withdraw staked tokens.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/shido-token-plummet-attacker-drains-staking-contract"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="defi-market-overview">DeFi market overview</h2>
<p data-ct-non-breakable="true">Data from <a href="https://pro.cointelegraph.com/users/sign_in?">Cointelegraph Markets Pro</a> and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most trading in the green on the weekly charts. The TVL in DeFi protocols breached $95 billion for the first time in over a year.</p>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/6ed80e9a-b013-40ef-a1e0-750be351247c.png" alt="" title="">
</figure>
<p data-ct-non-breakable="true">Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.</p>

$200M lost to hacks in 2024, Shido token plummets 94%: Finance Redefined

Table of Contents

Cointelegraph

Other articles published on Mar 1, 2024

Elon Musk sues OpenAI, Worldcoin sinks by 5%

Bitcoin’s Bull Run Targets: Insights from Market Analysis

Binance Coin (BNB) & Ethereum (ETH) Gains Show Strength in Market; Kelexo (KLXO) Presale Looks to...

Bitcoin and Altcoins Surge, Optimism Grows in Crypto Market

Empowering Artists in the Virtual Economy: A New Model

Worldcoin Plunges 5% As Elon Musk Sues Sam Altman And OpenAI For Breach Of Contract

Join our free newsletter for daily crypto updates!