The past week in the world of decentralized finance (DeFi) witnessed a surge in memecoin activities, as celebrities delved into launching their own memecoins, a notable shift from their previous focus on nonfungible tokens (NFTs). Amidst the meme frenzy, pop sensation Iggy Azalea introduced an innovative 'burning' strategy to counter frauds and rug pulls.

In separate news, a trader faced a significant loss of 1,807 liquid-staked Ether valued at $6.91 million but managed to recover a substantial portion of the stolen funds from scammers. A recent report by Immunefi highlighted a 12% decrease in crypto losses associated with hacks and frauds in May compared to the previous year.

The top 100 DeFi tokens experienced a varied week with prices mostly moving sideways. While a majority of tokens registered gains, the total value locked in DeFi contracts remained above the $100 billion mark.

Crypto Losses Show Decline

The report by Immunefi on May 30 showed a 12% year-over-year decline in crypto losses from fraud and hacks. The total amount lost in May was $52 million, down from over $59 million in the same period last year. This marked a 28% reduction compared to the losses recorded in April.

The ongoing trend of decreasing losses from hacks and frauds in the Web3 industry was depicted in the report. Earlier reports had indicated a 23% decline in losses in Q1 2024 over the previous year.

Iggy Azalea's Anti-Scam Initiative

Iggy Azalea, a prominent figure in both the music and crypto space, announced her intention to burn her own coins whenever a celebrity coin is identified as a scam. This move aims to foster trust and integrity within the crypto community and distinguish her from other controversial celebrities.

Despite her efforts to bring credibility to her memecoin named Mother Iggy (MOTHER), allegations arose that insiders bought a significant portion of the token's supply before its official launch.

BNB Chain Exploit Raises Concerns

A recent exploit on the BNB Smart Chain led to approximately $80,000 in losses of a BEP-20 token labeled 'BTC.' Although this amount is relatively small in the crypto realm, questions surrounding the attacker's motives surfaced. It was suggested that the attacker could be a white hat or ethical hacker aiming to uncover security vulnerabilities.

Victim Recovers Losses from Ethereum Exploit

A victim who lost $6.91 million in an Ethereum restaking exploit managed to reclaim a substantial portion of the stolen funds. The unique circumstances surrounding this recovery were noted by blockchain analytics firms, indicating a rare refund for the victim.

DeFi Market Snapshot

Data from Cointelegraph Markets Pro and TradingView revealed a mixed week for the top 100 DeFi tokens, with most tokens showing positive trends on the weekly charts. Following a period of bearish pressure, the total value locked in DeFi protocols surpassed the $100 billion milestone.

Thank you for exploring the significant developments in the fast-evolving DeFi landscape this week. Stay tuned for more insights, stories, and updates in the upcoming editions.