DeFi
Finance redefined — TradingView News
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you the most important developments of the past week.
In this week’s newsletter, total losses from crypto hacks and exploits reached $19 billion over the past 13 years, with 785 incidents reported, and the Solana Foundation cracked down on validators involved in sandwich attacks against traders.
And, in other major news, Terraform Labs has completely shut down operations and handed over control to the Terra community following its $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC).
Crypto hacks soar to $19 billion in 13 years: Crystal Intelligence
The cryptocurrency industry has suffered 785 reported hacks and exploits over the past 13 years.
According to a Crystal Intelligence report shared with Cointelegraph, nearly $19 billion in digital assets have been stolen in the 13 years since June 19, 2011, when the first known crypto hack was reported.
The largest case of crypto theft remains the Plus Token fraud of 2019, when attackers took $2.9 billion worth of Bitcoin. BTCUSD and the ether 
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Curve founder repays 93% of $10 million bad debts from liquidation
Michael Egorov, founder of DeFi protocol Curve Finance, claims to have repaid 93% of the $10 million in bad debts resulting from the protocol’s soft liquidation triggered earlier today.
On June 13, Curve Finance’s soft liquidation mechanism passed a real-world test in a recent hack attempt, but the price of its native CRV token plunged more than 28% in the chaos. According to blockchain analytics firm Arkham Intelligence, Egorov himself faced $140 million in liquidations due to “borrowing $95.7 million in stablecoins (primarily crvUSD) against $141 million in dollars in CRV on five accounts on five protocols.”
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Terraform Labs will cease operations, the Terra community will take over
Chris Amani, CEO of Terraform Labs, announced that the company will cease operations following a $4.47 billion settlement with the US SEC.
The company plans to sell key projects within the Terra ecosystem and give the community control of the Terra blockchain. Terraform Lab’s dissolution decision follows its $4.47 billion settlement with the SEC regarding the historic collapse of algorithmic stablecoin TerraUSD (UST) in 2022. The settlement includes a substantial restitution of $3.58 billion – forgoing profits obtained illegally or unethically – and a civil penalty of $420 million.
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Solana cracks down on validation sandwich attacks
The Solana Foundation has removed a group of validator operators from its delegation program due to their involvement in sandwich attacks against traders.
In a sandwich attack, a malicious trader searches for a pending transaction on their network of choice, such as Ethereum. Sandwiching occurs by placing one order before the transaction and another immediately after. The attacker will position the first pending transaction between a front-run and a back-run, both simultaneous, to manipulate the price of the asset and profit from the difference.
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DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bearish week, with most trading in the red on the weekly charts. The total value locked in DeFi protocols has reached $101 billion.
Thank you for reading our summary of this week’s most notable DeFi developments. Join us next Friday for more stories, ideas and information about this dynamically evolving space.