The decentralized finance (DeFi) sector continues to attract increased attention from cryptocurrency investors. ForkLog has collected the most important events and news of recent weeks in a digest.
The main indicators of the DeFi segment
The amount of funds blocked (TVL) in DeFi protocols remained almost unchanged at $47.42 billion. Lido became the leader with $13.61 billion, while MakerDAO ($6.36 billion) and AAVE ($5.47 billion) hold the second and third lines of the rating. ) respectively.
TVL in Ethereum applications fell to $27.36 billion. Decentralized exchange (DEX) trading volume over the past 30 days was $68.6 billion.
Uniswap continues to dominate the non-custodial exchange market with 61.9% of total turnover. The second DEX in terms of trading volume is PancakeSwap (17.9%), the third is DODO (5.6%).
TON established a $250 million investment fund for DeFi projects
The TON project team has created a $250 million venture fund to fund new projects focused on DeFi. The initiative is called TON Accelerator.
In 2023, the program will allocate $25 million to startups that “could have a significant impact on the emerging ecosystem” of the network. According to the statement, each project will receive funding from $50,000 to $250,000.
The investment is accompanied by partnerships and mentoring from other companies affiliated with TON Accelerator, including:
- hedge fund and market maker Gotbit;
- developer of Web3Port tools;
- fundraising platform TonStarter;
- South Korean hub BoomLabs;
- venture fund Cypher Capital.
In the first round, priority will be given to teams that participated in hackathons from TON and partners.
DeFi project Fintoch suspected of fraud for $31.6 million
The Fintoch DeFi project team allegedly committed an exit scam, withdrawing digital assets of clients in the amount of $31.6 million, according to on-chain researcher ZachXBT.
Funds in USDT were transferred from the BNB Chain network to several addresses on the Tron and Ethereum blockchains. Some users have reported to the expert that they cannot receive their money from Fintoch.
The US company claimed to be owned by Morgan Stanley and promised a 1% daily return on investment.
In recent months alone, Fintoch has held public events in Malaysia, South Korea, and Dubai to promote it.
ZachXBT believes the project was a Ponzi scheme. The co-founder and CEO of Fintoch on the site is Bob Lambert, who does not exist in reality. His role was played by a hired actor.
The researcher noted that the authorities of Singapore and Morgan Stanley had previously issued warnings regarding the investment scheme.
Hackers withdrew over $7.5 million from DeFi project Jimbos Protocol
The Arbitrum network-based Jimbos Protocol project was attacked, as a result of which unknown people withdrew 4090 ETH (over $7.5 million) from smart contracts.
The project team has confirmed the exploit. The developers said they are “actively in contact” with law enforcement and security professionals.
They also published a message on the Ethereum blockchain offering the hackers to return the stolen assets for a 10% reward and waiver of prosecution.
PeckShield noted that the exploit is related to a “slip control flaw” in relation to tokens that are under the control of the protocol. According to analysts, the stolen funds were withdrawn through the Stargate and Celer Network infrastructure.
Numen Cyber said that for the attack, the attackers initiated an instant loan for 10,000 ETH. These assets were used to manipulate the price of the JIMBO token, with the subsequent emptying of liquidity pools.
Jimbos Protocol originally launched on May 16th. Shortly after the start of work, the team abandoned the first version of the protocol due to a critical bug in smart contracts and introduced the second iteration of the application.
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