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Mother Iggy

<p data-ct-non-breakable="true">The past week in decentralized finance (DeFi) land saw another memecoin frenzy, with celebrities launching their own memecoins — quite a trend shift from 2021–2022 when they launched their own nonfungible tokens (NFTs). Among all the meme hysteria, pop star Iggy Azalea devised a “burning” plan to evade frauds and rug pulls.</p>
<p>In other news, a trader who lost 1,807 liquid-staked Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) worth $6.91 million appears to have received a large share of the stolen funds back from scammers. A new report from Immunefi revealed that crypto losses linked to hacks and frauds declined by 12% year-over-year in May.</p>
<p>The top 100 DeFi tokens had a mixed week as price momentum remained sideways where most tokens traded in green and the total value locked in DeFi contracts remained above $100 billion.</p>
<h2 id="crypto-losses-from-fraud-and-hacks-declined-12-in-may-immunefi">Crypto losses from fraud and hacks declined 12% in May — Immunefi</h2>
<p>Crypto losses from fraud and hacks declined by 12% year-over-year, according to a May 30 report from blockchain security firm Immunefi. A total of $52 million was lost over the course of the month, down from over $59 million in the same month last year. In addition, the figure represents a 28% decline compared to the amount lost in April.</p>
<p>The <a href="https://docs.google.com/viewer?url=https%3A%2F%2Fassets.ctfassets.net%2Ft3wqy70tc3bv%2F8N4fVPv3FeE3yUp2RryfD%2Ff73a33d8405fe2a28ef85ed22a223916%2FCrypto_Losses_in_May_2024.pdf" target="_blank" rel="noopener nofollow">report</a> illustrates a continuing trend of declining losses from hacks and fraud in the Web3 industry. In March, Immunefi released a report stating that losses in Q1 2024 <a href="https://cointelegraph.com/news/crypto-hacking-incidents-decline-in-q1-2024-immunefi">declined by 23%</a> over the previous year. In April, CertiK reported that the month had <a href="https://cointelegraph.com/news/april-25m-exploits-scams-historical-low-certik">seen its lowest losses</a> ever.</p>
<p><a href="https://cointelegraph.com/news/crypto-losses-fraud-hacks-decline-may-immunefi"><strong>Continue reading</strong></a></p>
<h2 id="iggy-azalea-s-anti-scam-plan-burn-her-own-coins">Iggy Azalea’s anti-scam plan: Burn her own coins</h2>
<p>Pop star and newly minted crypto star Iggy Azalea announced she will burn her own coins whenever a celebrity coin is identified as a scam (a “rug”). Her strategy is to build trust and integrity in the crypto community and set herself apart from other controversial celebrities.</p>
<p>“I just think it’d be fire to want to be something positive,” Azalea said on an X Space.</p>
<p>Despite these efforts to bring legitimacy to her memecoin — dubbed Mother Iggy (MOTHER) — Bubblemaps recently claimed that <a href="https://cointelegraph.com/news/new-iggy-azalea-token-huge-insider-activity-analytics-firm">insiders at launch bought a large portion of the token’s supply</a>.&nbsp;The supply auditing tool platform alleged that insiders bought “20% of the supply at launch” before Azalea announced the launch of MOTHER. The holdings were then dumped for $2 million before the announcement.</p>
<p><a href="https://cointelegraph.com/news/iggy-azalea-anti-scam-plan"><strong>Continue reading</strong></a></p>
<h2 id="bnb-chain-exploited-for-80-000-of-fake-btc-tokens">BNB Chain exploited for $80,000 of fake BTC tokens</h2>
<p>Approximately $80,000 worth of a BEP-20 token labeled as “BTC” was lost in an exploit on the BNB Smart Chain involving multiple suspicious transactions. While $80,000 is considered a small amount compared to the average crypto exploit, it raised questions about the attacker’s intentions.</p>
<p>While the exploited token contract is still unknown, according to on-chain security firm Cyvers, the attacker could be a white hat or ethical hacker who uses his skills to find security vulnerabilities. </p>
<p><a href="https://cointelegraph.com/news/bnb-chain-80k-bitcoin-exploit-white-hat-hacker"><strong>Continue reading</strong></a><strong> </strong></p>
<h2 id="victim-who-lost-7-million-in-ethereum-restaking-exploit-gets-funds-back">Victim who lost $7 million in Ethereum restaking exploit gets funds back</h2>
<p>An unfortunate victim who lost 1,807 liquid-staked ETH, worth $6.91 million, on May 26 appears to have received a large share of the stolen funds back from scammers.</p>
<p>“Yesterday, the old phishing group Inferno Drainer used the permit offline authorization signature to phish away nearly $7 million in ETH re-pledged assets from a user,” <a href="https://x.com/evilcos/status/1794995931680788826" target="_blank" rel="noopener nofollow">wrote</a> Yu Xian, co-founder of blockchain analytics firm SlowMist. “Today, they got a refund, which is really rare.” </p>
<p><a href="https://cointelegraph.com/news/victim-eth-restaking-exploit-receives-funds-back-scammers"><strong>Continue reading </strong></a></p>
<h2 id="defi-market-overview">DeFi market overview</h2>
<p>Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a mixed week. Most tokens are traded in the green on the weekly charts. After weeks of bearish pressure, the total value locked in DeFi protocols crossed the $100-billion mark.</p>
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<p>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>

Iggy Azalea’s anti-scam plan and crypto losses from hacks decline by 12%: Finance Redefined

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