Welcome to Finance Redefine, a newsletter designed to bring you the most important developments of the past week. A newsletter that delivers essential decentralized finance (DeFi) insights every week.
The hackers who stole more than $46 million from DeFi protocol KyberSwap have revealed a list of demands, including full control of the Kyber company and all of its assets. The hackers gave the Kyber team a deadline to meet their demands.
An Australian law firm described the DeFi tax guidelines issued by the country’s financial regulator as “toilet paper”. Cadena Legal told Cointelegraph that these guidelines could only confuse Australians and reduce their willingness to follow the rules.
The DeFi ecosystem continued its strong market momentum from last week, with most tokens showing steady gains on the weekly charts.
KyberSwap hackers demand complete control of Kyber company
The KyberSwap hackers have finally revealed the conditions they must meet to return some of their $46 million in hacking funds. In an on-chain message, the hacker said he wanted complete control over the Kyber company and its assets both on-chain and off-chain.
The hacker’s demands may be outrageous, but he also said what he would do if they were met. According to the message, they offered to double the salaries of Kyber employees and buy out executives before forcing them out of the company. The hackers also gave the Kyber team until December 10th to fulfill their demands.
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Australia’s confusing new cryptocurrency tax guidelines are “toilet paper”, a law firm says.
Australian law firm Cadena Legal published a blog post highlighting that unclear DeFi rules issued by the Australian Taxation Office are “non-binding.” The law firm described the guidelines as ‘toilet paper’ and said they were further confusing everyone.
Additionally, the law firm’s founder, Harrison Dell, told Cointelegraph in a statement that this type of guidance could reduce “compliance” from members of the Australian cryptocurrency community.
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Neobank CEO says DeFi can solve Africa’s foreign exchange problems
An executive at a neobank project told Cointelegraph that DeFi could solve liquidity problems in African foreign exchange markets. Pascal Ntsama IV, CEO of Canza Finance, said DeFi technology can solve this problem by providing decentralized foreign exchange for African currencies.
The African DeFi community is expected to grow at a rate of over 20% and reach over 500,000 users by 2027. Industry experts have argued that forecasts may need to be revised as blockchain product penetration continues to hit record highs.
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Wormhole has raised $225 million at a valuation of $2.5 billion.
Cross-chain protocol Wormhole recently secured $225 million in funding in an investment round led by Brevan Howard, Coinbase Ventures, Multicoin Capital, and others. This investment values the company at $2.5 billion.
The company made headlines in February 2022 after losing $321 million in one of the largest DeFi hacks of the year. To mitigate the losses, venture capital firm Jump Crypto pledged to replenish funds lost in the hack.
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DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, the top 100 tokens by market capitalization in DeFi showed strength, with most tokens trading in the green on the weekly charts. Total value locked in DeFi protocols remained above $47.4 billion.
Thank you for reading our roundup of the most influential DeFi developments this week. Join us next Friday for more stories, insights and education about this dynamically evolving space.