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The top 100 DeFi tokens didn’t see much change in price over the past week, with the majority posting minor weekly gains. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The second quarter of 2023 saw over $208 million exploited and hacked from DeFi protocols, and with just $4.5 million of funds recovered, total losses to exploits were over $204 million. The DeFi ecosystem is an ever-growing industry with billions of dollars in daily trading volume. Still, it remains niche to a small population in the crypto industry and out of reach for some. For a thorough overview of DeFi, check out the new report from Cointelegraph Research titled: “Investing in DeFi: A Comprehensive Guide.” The DeFi lending protocol Maple Finance has decided to offer direct loans to some borrowers instead of relying solely on pool delegates to provide capital to fill the void...

Tres Finance co-founder Tal Zackon warned businesses to not use explorers when tracking their finances. Decentralized Finance (DeFi) protocol Tres Finance warned the community about a scam that involves fake token s designed to mimic legitimate transactions. In an interview, Tres Finance co-founder Tal Zackon and the company’s technical lead Idan David shared the details of a scam using fraudulent transactions that imitate legitimate ones. According to the duo, the scammers attempt to lure unsuspecting users to copy the wrong wallet address and send their transactions there. David further explained that scammers often identify and target wallets with large amounts of stablecoins like Tether (USDT) or USD Coin (USDC). Once the scammers locked into their targets, they create similar-looking wallet addresses and create token s that imitate the legitimate ones. David explained: “So, they're creating a new token that has the same symbol as the original token, and they can create ficti...

CertiK has contacted law enforcement in the U.S. and U.K. to find the pseudonymous operators. Smart contract auditor CertiK claims to have blocked $160,000 from Merlin, a zk-Sync-based decentralized exchange (DEX) which has been the center of a rogue insider "rugpull" that lost users $1.8 million last week. CertiK shared the news of its successful $160,000 freeze of the stolen funds in an update to its 257,700 Twitter followers on May 5. “We have successfully frozen $160K of the stolen funds with the help of partners,” CertiK said, adding that they’re continuing to monitor the movement of the stolen funds: We have successfully frozen $160K of the stolen funds with the help of partners. We will continue to monitor the movement of all stolen funds in an attempt to freeze and recover the remaining amount. — CertiK (@CertiK) May 4, 2023 The firm explained that they tried to “collaborate” with Merlin to recover the funds stolen from the April 25 " rugpull " but the e...