When Wintermute, a cryptocurrency market maker, lost $160 million due to a hack, concerns related to the repayment of debt worth $189.4 million surfaced. However, in an exciting turn of events, Wintermute paid back its largest debt due Oct. 15, involving a $92 million Tether (USDT) loan issued by TrueFi. After repayment of TrueFi’s $92 million loan, Wintermute still owes $75 million to Maple Finance in USD Coin (USDC) and wrapped ether (WETH) and $22.4 million to Clearpool, a total of $97.4 million in debt. Loan details show that Wintermute Trading had borrowed $92.5 million for a term period of …

Tailoring his argument to many of the companies that were market leaders at the time, his ideas eventually also applied to companies that either hadn’t fully defined their markets or didn’t even yet exist but would go on to generate billions in market share: Uber, Lyft, TikTok/ByteDance, Robinhood and Coinbase, among several others. If you were going to be a unicorn in the 21st century, software was probably going to be a key part of earning that horn. The hidden motor behind this complete disruption of modern economies and life was the emergence of true cloud computing and cloud giants, …

Following a $117 million exploit on Oct. 11, the Mango Markets community is set to make a deal with its hacker, allowing the hacker to keep $47 million as a bug bounty, according to the decentralized finance (DeFI) protocol governance forum. The proposed terms reveal that $67 million of the stolen tokens will be returned, while $47 million will be kept by the hacker. 98% of the voters, or 291 million tokens, have voted in favor of the deal, which also stipulates that Mango Markets will not pursue criminal charges on the case. With the quorum reached, the voting is …

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. October is historically associated with the bulls, but in 2022, the month has also become the leader in crypto hacks as barely halfway through, and the DeFi ecosystem has already seen nearly a dozen hacks resulting in losses of hundreds of millions of dollars. The largest hack occurred on Solana’s DeFi platform Mango Markets on Oct. 11, resulting in a loss of over $100 million worth of crypto. The hacker has now come out …

MakerDAO, the governing body of the Maker Protocol has seen its revenue plummet in the third quarter of 2022, caused by a fall in loan demand and few liquidations, while expenses have remained high. According to an Oct. 13 tweet by Johnny_TVL, a Messari analyst and co-author of “The State of Maker Q3 2022,” the decentralized autonomous organization saw its revenue plunge to just over $4 million in Q3, down 86% from the previous quarter. One of the results of this has been MakerDAO’s first quarter of net income loss since 2020. The Messari senior research analyst has pointed to …

Web3 developers don’t appear to be fazed by the crypto bear market, with one Web3 platform suggesting they’re “more active than ever” — particularly on the Ethereum (ETH) network. In a new Q3 2022 report on Oct. 13 by Web3 development platform Alchemy, the company said that 2022 could be the “biggest year yet” for development on Ethereum. Around 36% of all smart contracts ever deployed and verified on the blockchain have been in 2022, a count of nearly 118,000 compared to the over 323,700 ever deployed, according to the report. This is despite the price of ETH falling by …

The function of crypto wallets has changed significantly over the last few years. They initially secured token holdings or served as art galleries with nonfungible tokens (NFTs). Today, they’ve become like bank accounts for many, and soon, they will offer even more functionality by enabling digital curriculum vitae (CVs). In a May 2022 paper, Ethereum co-founder Vitalik Buterin and others introduced the concept of “Soulbound tokens” (SBTs). Buterin and his co-authors argued that credentials on a blockchain offer many advantages to establishing provenance and reputation. Nonfungible tokens will serve as essential building blocks Related: Facebook and Twitter will soon be …

Artificial intelligence (AI) is a mainstay in many Web3 activities. From nonfungible token (NFT) creation to fraud detection, it is integral to the roots of what makes up decentralized technology. Mona, a Miami-based 3D metaverse development and Web3 social platform, unveiled an AI-powered 3D generator for material design. The tool allows designers and creators on the platform the ability to input words into the AI mechanism in order to create materials for their personalized digital spaces. The MonaAI Material Generator is similar to the AI image and design generator DALL-E. However, it focuses specifically on “seamless” and realistic textures to …

Facebook went under a major brand overhaul to project its focus on the Metaverse and rebranded to Meta in late 2021. The major shift for the social media giant surprised many, but looking at Facebook’s record with emerging tech trends, it was only a matter of time before it jumped into Web3. Meta’s crypto aspirations first came to light in 2019 after a failed experience in the digital payment sector with a Messenger-integrated payment option. The tech giant subsequently revealed its plans to launch a universal stablecoin backed by a basket of fiat currencies from different nations. The plan was …

Despite the rise of decentralized finance (DeFi), cryptocurrency investors appear to stick to centralized exchanges (CEX) over DeFi tools, according to a new report. Crypto investors are more comfortable with holding their assets on CEXes because decentralized exchanges are still more vulnerable to the threat of hacks. This is according to a joint report by the blockchain data firm Chainalysis and Bitfinex exchange, issued on Oct. 13. According to the study, the risks of hacks associated with CEXes have significantly dropped over the past few years, while various DeFi platforms have become increasingly hacked. The total value stolen from centralized …

Crypto Twitter was shocked by reports claiming a $1.2 billion metaverse ecosystem like Decentraland has less than 40 daily active users recently. The data, courtesy of decentralized finance (DeFi) analytic firm DappRadar, created quite a buzz among the crypto community, with questions being raised over the future of Web3. Decentraland was quick to refute those metrics and claimed that to get a better insight into the platform’s user activity; one should refer to the dashboard on the website. The metaverse platform noted that it accounted for 1,074 users interacting with smart contracts in September and a total of 56,697 monthly …

Blockchain analytics firm Chainalysis has labeled October 2022 as “the biggest month in the biggest year ever for hacking activity” with the total hacked value for the month nearly reaching $718 million. Despite not being more than halfway through the month, Chainalysis said 11 different hacks on decentralized finance (DeFi) protocols had seen hundreds of millions exploited. Four exploits alone took place on Oct. 11 worth around $122 million. Hackers siphoned $200,000 in crypto using a smart contract from crypto wallet Rabby Wallet, $1.89 million from blockchain QANplatform’s Ethereum (ETH) bridge, $2 million from TempleDAO, and a $118 million exploit …