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<p data-ct-non-breakable="true">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.</p>
<p>In this week’s newsletter, the total losses from crypto hacks and exploits has hit $19 billion over the past 13 years, with 785 reported incidents, and the Solana Foundation has cracked down on validators involved in sandwich attacks on traders.</p>
<p>And, in other major news, Terraform Labs shut down operations entirely and handed over control to the Terra community after its $4.47 billion settlement with the United States Securities and Exchange Commission (SEC). </p>
<h2 data-ct-non-breakable="true" id="crypto-hacks-soar-to-19-billion-in-13-years-crystal-intelligence">Crypto hacks soar to $19 billion in 13 years: Crystal Intelligence</h2>
<p data-ct-non-breakable="true">The cryptocurrency industry suffered 785 reported hacks and exploits in the past 13 years.</p>
<p>According to a Crystal Intelligence report shared with Cointelegraph, nearly $19 billion worth of digital assets were stolen in the 13 years since June 19, 2011, when the first known crypto hack was reported.</p>
<p>The largest single crypto theft case remains the 2019 Plus Token fraud when attackers netted $2.9 billion worth of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH)</a>. In February 2024, the $290 million security breach on PlayDapp represented the largest single crypto heist in the past two years.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/crypto-hacks-19-billion-13-years"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="curve-founder-repays-93-of-10-million-bad-debt-stemming-from-liquidation">Curve founder repays 93% of $10 million bad debt stemming from liquidation</h2>
<p data-ct-non-breakable="true">Michael Egorov, founder of DeFi protocol Curve Finance, claims to have repaid 93% of $10 million in bad debt from the protocol’s soft liquidation triggered earlier in the day. </p>
<p>On June 13, Curve Finance’s soft liquidation mechanism successfully managed a real-world test during a recent hacking attempt, but its native CRV token price plunged by over 28% amid the chaos. According to blockchain analytics firm Arkham Intelligence, Egorov himself faced $140 million in liquidations due to “borrowing $95.7M in stablecoins (mostly crvUSD) against $141M in CRV across five accounts on five protocols.”</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/curve-founder-repays-bad-debt-liquidation"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="terraform-labs-to-end-operations-terra-community-will-take-over">Terraform Labs to end operations, Terra community will take over</h2>
<p data-ct-non-breakable="true">Chris Amani, CEO of Terraform Labs, has announced that the firm will cease operations following a $4.47 billion settlement with the U.S. SEC. </p>
<p>The company plans to sell key projects within the Terra ecosystem and give the community control of the Terra blockchain. Terraform Lab’s decision to dissolve follows its $4.47 billion settlement with the SEC regarding the historic collapse of the algorithmic stablecoin TerraUSD (UST) in 2022. The settlement includes a substantial $3.58 billion disgorgement — giving up profits obtained illegally or unethically — and a civil penalty of $420 million.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/terraform-labs-shuts-down-community-leads-terra"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="solana-cracks-down-on-validator-sandwich-attacks">Solana cracks down on validator sandwich attacks</h2>
<p data-ct-non-breakable="true">The Solana Foundation has removed a group of validator operators from its delegation program due to their involvement in sandwich attacks on traders. </p>
<p>In a sandwich attack, a malicious trader searches the network of their choice, such as Ethereum, for a pending transaction. 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 occurring simultaneously, to manipulate the asset’s price and profit from the difference.</p>
<p data-ct-non-breakable="true"><a href="https://cointelegraph.com/news/solana-removes-validators-sandwich-attacks"><strong>Continue reading</strong></a></p>
<h2 data-ct-non-breakable="true" id="defi-market-overview">DeFi market overview</h2>
<p data-ct-non-breakable="true">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 on the weekly charts. The total value locked in DeFi protocols reached $101 billion.</p>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/4ca2022a-38bd-4192-bc3f-8620212869d1.jpg" alt="" title="">
 <figcaption style="text-align: center;">
  <em>Total value locked in decentralized finance. Source: DefiLlama</em>
 </figcaption>
</figure>
<p data-ct-non-breakable="true">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.</p>

Crypto hack losses hit $19B, Terraform Labs shuts down: Finance Redefined

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Cointelegraph

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