Stacks

DeFi

Hundred Finance

April

<p data-ct-non-breakable="true">Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.</p>
<p>While the DeFi sector is often associated with hacks and exploits, losses from hacks have declined by 67% in April to $60 million compared to March, which saw $187 million in funds stolen. Hundred Finance hackers moved stolen funds for the first time nearly a year after an exploit.</p>
<p>In other news, the Bitcoin layer-2 platform Stacks recorded its highest number of active users as interest in Bitcoin DeFi, or BTCFi, surged. </p>
<p>The top 100 DeFi tokens had another bearish week, followed by a burst of bullish momentum toward the end of the week. Still, the total value locked in DeFi protocols remained below $90 billion.</p>
<h2 data-ct-non-breakable="true" id="losses-from-crypto-hacks-plunge-67-in-april-to-60-million">Losses from crypto hacks plunge 67% in April to $60 million</h2>
<p data-ct-non-breakable="true">The collective value of cryptocurrency compromised by hacking plummeted 67% in April to $60.2 million, marking a notable reduction in crypto attacks, representing the first significant decline in 2024.</p>
<p>The 67% is a sharp decline from the $187.6 million hacked in March, which pales compared to the $360.8 million worth of digital assets hacked in February, according to a May 1 X post by on-chain security firm PeckShield.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/crypto-hacks-april-fall-67-60-million"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="stacks-active-accounts-reach-record-high-amid-growing-interest-in-bitcoin-defi">Stacks active accounts reach record high amid growing interest in Bitcoin DeFi</h2>
<p data-ct-non-breakable="true">Leading Bitcoin layer-2 network Stacks has reached an all-time high in active users, driven by a growing interest in Bitcoin-native DeFi. </p>
<p>Stacks reached a new all-time high of 122,497 active accounts during April. Active accounts are addresses that performed at least one transaction, according to a May 2 X post by Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) data provider Signal 21.</p>
<p>The record account count suggests a growing interest in BTCFi and comes over a week after the <a href="https://cointelegraph.com/news/bitcoin-halving-2024">2024 Bitcoin halving</a> and the launch of Runes, a new protocol for issuing fungible tokens on the Bitcoin network.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/bitcoin-defi-surge-stacks-l2-record-users"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="hundred-finance-hacker-moves-stolen-assets-a-year-after-7-million-exploit">Hundred Finance hacker moves stolen assets a year after $7 million exploit</h2>
<p data-ct-non-breakable="true">The hacker who stole $7.4 million from the DeFi protocol Hundred Finance has started moving the crypto assets after a year of inactivity. </p>
<p>On May 1, the hacker <a href="https://etherscan.io/txs?a=0x155da45d374a286d383839b1ef27567a15e67528" target="_blank" rel="noopener nofollow">moved</a> Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) and Tether (<a href="https://cointelegraph.com/tether-price-index">USDT)</a> worth about $800,000 from Curve’s decentralized exchange after providing liquidity on the platform more than one year ago.</p>
<p>After withdrawing the funds, the hacker converted USDT and other cryptocurrencies into ETH, increasing the exploiter’s ETH by more than $1 million.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/hundred-finance-hacker-moves-assets-year-after-exploit"><strong>Continue reading </strong></a></p>
<h2 data-ct-non-breakable="true" id="curve-finance-awards-dev-250-000-for-finding-reentrancy-vulnerability">Curve Finance awards dev $250,000 for finding reentrancy vulnerability</h2>
<p data-ct-non-breakable="true">A security researcher was rewarded $250,000 for discovering a vulnerability that has historically allowed hackers to pull out millions of dollars from cryptocurrency protocols. </p>
<p>Pseudonymous cybersecurity researcher Marco Croc from Kupia Security identified a reentrancy vulnerability in the DeFi protocol Curve Finance. In an X thread, he explained how the bug could be exploited to manipulate balances and withdraw funds from liquidity pools.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/curve-finance-awards-250k-finding-reentrancy-vulnerability"><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 Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bearish week, with most trading in the red on the weekly charts. The total value locked in DeFi protocols fell below $90 billion.</p>
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<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>

Losses due to crypto hacks fall 67%, Bitcoin DeFi interest rises: Finance Redefined

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Cointelegraph

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