MYX Finance’s native token was the week’s largest gainer, with an over 1,100% gain. Worldcoin followed with over 90% gains.
An unknown Hyperliquid trader has surpassed James Wynn, becoming the trading platform’s biggest losing whale, with more than $40 million in losses within a month, according to blockchain data.
Lookonchain revealed that the trader made high-leverage trades, with nearly $40 million loss on Hyperliquid (HYPE), after selling about 900,000 tokens before the asset rebounded.
The whale later lost another $35 million on an Ether (ETH) position. After that, he pivoted to a short position and then lost another $614,000. His Bitcoin (BTC) position is also underwater, with unrealized losses of nearly $2 million.
In the last month alone, Hyperdash data shows that the whale’s wallet has already lost $39.5 million. Despite this, the whale still has a $152 million position with nearly 29x leverage.
Continue reading
The native token of the decentralized finance (DeFi) platform Kinto Network dropped over 80% after news that its Ethereum layer-2 blockchain is shutting down in September.
Kinto said worsening market conditions have forced the project to shut down. The protocol said they’ve operated without salaries since July, and since it couldn’t go through with its last financing attempt, they’ve made the decision to shut down.
The decision to shut down follows a $1.6 million hack resulting from a vulnerability in the ERC-1967 Proxy standard.
While the project blamed the failure on the hack and rising financial pressures, a community member pointed to the project’s high annual percentage yield offerings on stablecoins, even after the hack. The project previously offered a 130% annual yield on stablecoins, one of the highest in DeFi.
Continue reading
Exchange platform SwissBorg lost nearly $41 million in an exploit because of a vulnerability in the API of its staking partner Kilin.
The project said about 193,000 Solana tokens, worth $41 million, were stolen from its Earn program. Despite this, the project said its app and other Earn products were not impacted.
The company also said that it remains in good financial health despite suffering millions in losses. It said daily operations were unaffected, and users who lost funds will be contacted directly by the platform.
SwissBorg CEO Cyrus Fazel assured users that while it’s a big amount of money, it doesn’t put the platform at risk.
Continue reading
Ethereum layer-2 protocol MegaETH, a project backed by Vitalik Buterin, announced the launch of a yield-bearing stablecoin that would differentiate its business model from traditional layer-2s.
The protocol said it’s developing the USDm stablecoin in partnership with Ethena, a protocol with over $13 billion in total value locked (TVL). The token will launch on Ethena’s infrastructure, which channels reserves into BUIDL, BlackRock’s tokenized US Treasury bill fund.
Yield from the stablecoin’s reserves will be used to offset sequencer fees, which are the costs a layer-2 has to pay when publishing batches of transactions on the Ethereum mainnet.
MegaETH co-founder Shuyao Kong said the stablecoin would lower users’ fees and allow for more expressive design for applications.
Continue reading
Blockchain analytics firm Bubblemaps claimed that it had identified the largest Sybil attack in crypto history, pointing to 100 funded wallets that claimed $170 million in MYX tokens from a recent airdrop.
In a series of X posts, the analytics firm showed that the wallets received similar BNB amounts from OKX within minutes of each other, almost a month after the airdrop. Bubblemaps said that while MYX hit a $17 billion fully diluted valuation, they spotted something unusual.
Bubblemaps claimed that the wallets had no prior activity and claimed their airdrop at nearly the same time. “It’s hard to believe this was random,” Bubblemaps said, suggesting this could be the “biggest airdrop Sybil of all time.”
A Sybil attack is a security threat in decentralized networks where one attacker creates and controls multiple fake identities to gain influence over the system.
Continue reading
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
MYX Finance (MYX) had a 1,100% seven-day gain, becoming the week’s largest gainer. The token is followed by Worldcoin (WLD), which recorded over 90% in gains last week.
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.
