by Welcome to Finance Redefined, your weekly dose of Decentralized Finance (DeFi) essentials – a newsletter created to highlight the significant developments over the past week.
DeFi will be in the spotlight at the inaugural Commodity Futures Trading Commission (CFTC) technical advisory meeting, where the panel will “examine the issues of decentralized finance.”
Polygon, a scalable Layer 2 protocol for Ethereum, has made its zero-knowledge decentralized identity solution publicly available almost a year after announcing its development.
The cryptocurrency phishing scammers behind some of Web3’s most high-profile and valuable thefts claim to have packed the store, saying “it’s time to move on to something better.”
In another study related to DeFi exploits, Platypus Finance has created a portal that allows users to see how much the platform owes them for a recent $9.1 million exploit. French police arrested two suspects and seized 210,000 euros ($223,000) worth of cryptocurrency in connection with the Platypus exploit.
The DeFi market had a bearish start to March, with a drop in prices on Thursday wiped out most of the gains from the top 100 DeFi tokens. With the exception of a few, most of the top 100 tokens were listed in red on the weekly charts.
Decentralized Finance will be explored at the inaugural CFTC Technical Advisory Meeting
The U.S. commodities regulator is set to take a closer look at the decentralized financial space at an upcoming meeting of its technology committee, which also invites crypto industry executives.
The CFTC announced on March 1 that its Technology Advisory Committee’s agenda for March 22 will include a panel on “examining the issues of decentralized finance.”
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Notorious Cryptocurrency Scam Monkey Drainer Says It’s “Shutting Down”
The scammer Monkey Drainer posted on his Telegram channel on March 1 that it would “be shut down immediately” and that all “files, servers and devices” associated with the dehumidifier would “be immediately destroyed” and “will not return”.
The scammer even advised novice “young cybercriminals”, saying that they should not “lose themselves in the pursuit of easy money”, and only those “with the highest commitment” should lead a “large-scale cybercrime” team.
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Polygon launches a decentralized ID product based on zk-proofs
The Polygon ID service uses zero-knowledge evidence that uses cryptographic techniques to allow users to verify their identity online without transferring or potentially storing their sensitive information with third parties.
Polygon Labs publicly released Polygon ID on March 1, almost 12 months after the project officially launched in a closed-source environment. The Polygon team claims that Polygon ID was created to “solve the problem of digital trust”.
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French police have arrested two people in connection with a platypus attack
According to local authorities, French police arrested two suspects in connection with the $9.1 million platypus exploit and seized 210,000 euros ($223,000) worth of cryptocurrency.
The investigations leading to the arrests were supported by detective ZachXBT and cryptocurrency exchange Binance, Platypus said. The same exploit breached the decentralized protocol in three flash-loan attacks on February 16.
Under the latest protocol update, a page has been launched that allows viewers to see how much compensation they can get from the platform. The page contains several sections that allow users to better understand how much they owe after exploiting the exploit. This includes an overview, pre-attack net worth and post-attack adjustments.
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DeFi market overview
Analytical data shows that the total market value of DeFi stayed below $50 billion last week. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization had a bearish week, with most tokens trading red except for a few.
Thanks for reading our roundup of this week’s most influential DeFi changes. Join us next Friday for more stories, insights and education in this booming space.
