Chainlink quietly changes multi-sig rules, Mixin offers $20M reward: F ScrgruppEn

Welcome to Finance Refinite, your weekly dose of essential decentralized finance (DeFi) insights – a newsletter designed to bring you the most important developments from the past week.

Last week in DeFi was dominated by developments in some OG DeFi protocols, with Uniswap announcing plans to raise $62 million in new funding and decentralized oracle service provider Chainlink brushing off concerns over changes it made to multi-signature wallets.

The Mixin network, which had nearly $200 million in cryptocurrency assets hacked on September 23, has offered a $20 million bounty to exploiters for the return of remaining funds, claiming that the majority of the stolen funds are user assets.

Curve Finance founder Michael Egorov reduced his debt to $42 million and settled the Aave loan in full on September 28. Cryptocurrency exchange Upbit was able to stop a flood of fake Aptos tokens from the platform and resumed token deposits and withdrawals.

Chainlink eases concerns after users notice quiet change to multisig

Decentralized oracle network Chainlink has downplayed a recent change in the number of signers required for its multi-signature wallet — a move that sparked backlash on social media from outspoken critics.

Cryptocurrency researcher Chris Blake was among several users on X (formerly Twitter) who criticized Chainlink for quietly reducing the number of signatures required on its multi-signature wallet from 4 out of 9 to 4 out of 8.

Continue reading

The Uniswap Foundation is targeting an additional $62 million in funding

Decentralized exchange (DEX) Uniswap is seeking an on-chain vote to approve the second tranche of $74 million in funding for its developer, the Uniswap Foundation.

According to the September 27 announcement, the second tranche of financing, with a 10% buffer for price fluctuations, is valued at approximately $62 million and will be determined by an on-chain vote on October 4. It will be used for operations and research grants. The Uniswap Foundation is responsible for growing the protocol’s core metrics, building an innovation pipeline and aligning incentives for stakeholders in the popular DEX.

Continue reading

Curve Finance founder reduced debt to $42.7 million, fully settling Aave loan

Michael Egorov, founder of the DeFi protocol Curve, recently settled his loans on lending platform Aave, reducing his debt to $42.7 million across other protocols.

According to on-chain analytics platform Lookonchain, the Curve founder deposited 68 million CRV tokens, worth $35.5 million, to lending protocol Silo and borrowed 10.77 million of the crvUSD stablecoin in the past two days. After that, Egorov switched crvUSD to Tether (USDT) and paid all his debts on Aave.

Continue reading

The Mixin Network is offering a $20 million bounty to hackers who pull off a $200 million hack

Mixin Network, a decentralized cross-chain protocol, in a letter to the hacker behind the $200 million exploit on September 23, offered a $20 million reward for returning the remaining funds.

Mixin Network encrypted the message with the exploiter’s transaction, and asked the exploiter to return the funds because the majority of the stolen funds were users’ assets.

Continue reading

Cryptocurrency exchange Upbit stops the flow of fake APT tokens, and resumes services

South Korean cryptocurrency exchange Upbit has resumed deposits and withdrawals at Aptos APT (APT) after fixing an issue that led to a fraudulent APT token being incorrectly identified as legitimate.

On September 24, Upbit abruptly suspended Aptos token services after observing an “abnormal deposit attempt,” which prompted a scan of the wallet system. The issue appears to have originated from a newly created fake APT token called “ClaimAPTGift.com,” which made its way into 400,000 Aptos wallets after it was created on September 21.

Continue reading

DeFi Market Overview

Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bullish week, with most tokens trading in the green on the weekly charts. The total value locked in DeFi protocols has reached $45.7 billion.

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.