the most significant crypto hacking month: Finance Redefined

Blockchain analytics corporation Chainalysis has categorized October 2022 as “the most important month in the most important yr ever for hacking activity.”

Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights — a e-newsletter crafted to convey you sizable trends over the past week.

October is traditionally related to the bulls, however in 2022, the month has additionally emerge as the chief in crypto hacks as slightly midway through, and the DeFi atmosphere has already visible almost a dozen hacks ensuing in losses of masses of hundreds of thousands of dollars.

The biggest hack passed off on Solana`s DeFi platform Mango Markets on Oct. 11, ensuing in a lack of over $one hundred million really well worth of crypto. The hacker has now pop out to demand $70 million in USD Coin (USDC) stablecoin as a bounty to go back the stolen crypto.

In every other hack, TempleDAO became exploited for $2 million at the identical day as Mango Market`s exploit.

Moving on from the hacker exploits, DappRadar, a DeFi analytic corporation, got here out with its facet of the reason on why its calculation approximately day by day energetic customers in the $1.6 billion metaverse atmosphere Decentraland got here to much less than 40.

The pinnacle one hundred DeFi tokens confronted bearish strain during the week, with a few alleviation coming overdue on Thursday. The majority of the tokens traded in crimson at the weekly charts, barring some and the overall price locked (TVL) dipped below $50 billion.

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