SafeMoon Hackers Agree to Return 80% of Stolen Funds: Redefining Finance


Welcome to Finance Redefined. This is a weekly newsletter with key insights on Decentralized Finance (DeFi), created to tell you about the most important developments of the past week.

In DeFi this week, the hackers behind the $8.9 million SafeMoon exploit have agreed to return most of the stolen funds. According to the developer of the project, the hacker will return 80% of him and keep the remaining 20%.

U.S. cryptocurrency lender BlockFi has been granted an extension by a New Jersey bankruptcy judge to file an exit plan for an additional 48 days as it examines a potential sale of company assets and restructuring.

Ether (ETH) price hits 11-month high despite post-chapela withdrawals peaking above 1 million ETH. Meanwhile, Ethereum gas prices hit a multi-month high due to a new meme coin craze. A large amount of traffic on the network allowed a maximum extractable value (MEV) bot to make millions of sandwich exploits.

The top 100 DeFi tokens broke out of a two-week bull streak that began in anticipation of Ethereum’s Shapella upgrade, with most of the tokens trading in the red on the weekly chart.

SafeMoon Hackers Agree to Return 80% of Stolen Funds, Dev Team Says

According to an April 18 blockchain message from the SafeMoon team, the attackers who exfiltrated $8.9 million worth of BNB (BNB) from SafeMoon agreed to return 80% of the funds.

The encrypted message was the latest in a series of communications between the SafeMoon team and the attackers as they attempted to reconcile.

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Crypto Lender BlockFi Given Extra Time To Submit Chapter 11 Exit Plan

Digital asset lender BlockFi was given additional time to file a bankruptcy exit plan by a bankruptcy judge in the US state of New Jersey on April 19.

The cryptocurrency lender reportedly filed for bankruptcy in November 2022, was granted a 48-day extension until May 15, and submitted an exit plan. BlockFi attorney Joshua Sussberg said during a hearing on April 19 that the cryptocurrency company could sell company assets or acquire outside backers to help with the restructuring transaction. He said he was looking for

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Ether Hits 11-Month High As Post-Chappella Withdrawal Exceeds 1 Million ETH

Over 1 million ETH worth $2.1 billion was withdrawn from Ethereum’s beacon chain in the first four days of the Shapella hard fork, pushing Ether above $2,100 for the first time in 11 months.

According to Beacon Chain data, 1.03 million ETH was withdrawn from 473,700 withdrawal requests, with April 15 being the largest withdrawal day with 392,800 ETH.

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Subway-themed trading bot uses ‘sandwich’ attack to make millions

An anonymous MEV bot operator made well over $1 million this week by performing a “sandwich attack” against buyers and sellers of two new memecoins.

A wallet address linked to the Ethereum name service domain “jaredfromsubway.eth” earned $950,000 in the April 18th sandwich attack, with profits of approximately $300,000 and $400,000 on April 17th and 19th, respectively. platform Sealaunch, according to an April 19 non-fungible token data tweet.

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DeFi market overview

DeFi market cap plummeted by $4 billion last week. According to data from Cointelegraph Markets Pro and TradingView, DeFi’s top 100 tokens by market cap had a bearish week, with most trades in the red. The total value locked in DeFi protocols has fallen below $50 billion.

Thanks for reading this week’s overview of the most influential DeFi developments. Join us next Friday for stories, insights and education about this dynamically evolving space.

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