Apr 22, 2023

SafeMoon Hacker Agrees to Return 80% of Stolen Funds

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news. This week saw the hacker behind the $8.9 million SafeMoon exploit agree to return the majority of the stolen funds, United States crypto lender BlockFi granted an additional 48-day extension to submit its exit plan and Ether (ETH) price hit a new 11-month high. Read on for the full report.

SafeMoon Hacker Agrees to Return 80% of Stolen Funds

The attacker who drained $8.9 million worth of BNB (BNB) from SafeMoon has agreed to return 80% of the funds, according to an April 18 blockchain message from the SafeMoon team. The encoded message was the latest in a series of communications between the SafeMoon team and the hacker as the parties attempted to settle.

The hacker’s agreement to return the funds is a major win for SafeMoon and its community. The project has been actively engaging in NFT promotion and marketing, including Twitter NFT marketing, as part of its efforts to recover the stolen funds.

United States Crypto Lender BlockFi Granted Extension

United States crypto lender BlockFi was granted an additional 48-day extension to submit its exit plan by a New Jersey bankruptcy judge on April 19. The cryptocurrency lender filed for bankruptcy in November 2022 and has been reportedly granted a 48-day extension until May 15 to file an exit plan. The crypto firm is exploring a potential sale of company assets or the possibility of getting an outside backer to support a restructuring deal, BlockFi lawyer Joshua Sussberg said in a hearing.

Ether (ETH) Price Hits 11-Month High

Ether (ETH) price hit a new 11-month high this week, even as post-Shapella withdrawals peaked at over 1 million ETH. The heavy traffic on the network allowed a maximal extractable value (MEV) bot to make millions in sandwich exploits. Ethereum gas fees also touched new multimonth highs owing to the fresh memecoin frenzy.

DeFi Market Overview

DeFi’s total market value plunged by $4 billion this past week. 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. The total value locked in DeFi protocols fell below $50 billion.

This week’s news highlights the importance of NFT promotion and marketing for projects in the web3 space. NFT marketing is an effective way to raise awareness and drive sales. A good NFT marketing agency can help projects reach their goals by leveraging their experience and expertise in the space.

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.