A week filled with exploits and uncertainty for DeFi: Finance Redefined

decentralized finance After a bullish April, May was another month of exploits, rug pulls and hacks, bringing back uncertainty to DeFi. The most prominent headline marker in the past week was the Multichain protocol. The cross-chain DeFi protocol’s delayed node upgrade created a spiral impact and tanked its token price by 30%.

The Multichain protocol saga impacted multiple DeFi protocols, forcing Binance to suspend deposits for ten bridged tokens on May 25 after days of stuck transactions. Multichain aside, the week was dominated by hacks, exploits and rug pulls. A crypto project allegedly ran off with $32 million of customer’s funds, DeFi protocol WDZD Swap was exploited for $1.1 million, and a bug in Aave v2 on Polygon led to the freezing of some assets in the contract.

The top 100 DeFi tokens had another bearish week, with a slight change from the previous week and most DeFi tokens trading red on the weekly charts.On May 24, the price of cross-chain router protocol Multichain’s native MULTI token fell by 30% in 24 hours to trade at $4.97 when reported by Cointelegraph. It has since dropped under the $4 mark. The sell-off came after users reported their multichain funds had not arrived due to a backend node upgrade “taking longer than expected.

At the same time, a wallet address linked to layer-1 blockchain developer Fantom Foundation reportedly removed 449,740 MULTI from liquidity on the decentralized exchange SushiSwap. Rumors also appear to have fueled the sell-off. In aviewed over 300,000 times since publication, one user wrote, “It’s rumored that the multichain team has been arrested by the Chinese police, with 1.5 billion dollars of contract funds under control.

The Multichain saga continues as delayed node upgrade impacts token price, causing a 30% drop.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Return Finance Launches Fully Compliant High-Yield Savings Application in 27 European Countries | HackerNoonThe Return app offers an impressive Annual Percentage Yield (APY) of up to 10% on deposits. - defi pressrelease
Source: hackernoon - 🏆 532. / 51 Read more »

Embedded Finance as the Future of Payment Technologies | HackerNoonThis article provides an overview of embedded finance, including PoS lending, Fintech-as-a-Service (FaaS), and Embedded Insurance. - fintech embeddedfinance
Source: hackernoon - 🏆 532. / 51 Read more »

Atlanta Fed explains Web3 finance, including XRP ‘international payment medium’The Federal Reserve Bank of Atlanta has published a paper examining Web3 applications in finance, with a discussion of the cryptocurrency XRP issued by Ripple Labs that has attracted wide attention in the crypto community. Web3 financial infrastructure provides advantages over traditional finance in the cost and speed of transacting, Parlour says. Financing trade can be significantly improved through cost reductions along the supply chain, for example.
Source: Cointelegraph - 🏆 562. / 51 Read more »