Cryptocurrencies

Welcome to Finance Refinite, your weekly dose of DeFi insights

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 saw Tornado Cash developer convicted of money laundering. Alexei Burtsev was sentenced to more than five years in prison.

In other news, Binance finds antidote to notorious address poisoning scam, Polymarket raises $70M, attracts investments from Vitalik Buterin and Peter Thiel, DeFi faces a challenging future in the EU.

Tornado Cash developer guilty of money laundering

Alexei Burtsev, developer of the Tornado Cash cryptocurrency mixing protocol, has been found guilty of money laundering. This has potentially serious implications for open source code developers.

On May 14, Dutch judges at the Hertochembosch Court of Appeal found Burtsev guilty of money laundering. The developer was sentenced to five years and four months in prison for laundering $1.2 billion in illicit assets on the platform.

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DeFi may have difficulty remaining decentralized after new EU law

New regulations in the European Union may soon force DeFi protocols to make difficult decisions. The crux of the problem is that many DeFi protocols tend to have front-ends and central intermediaries.

The EU’s Markets in Cryptoassets (MiCA) regulation, which will come into full effect by the end of 2024, will require DeFi protocols to adhere to the same licensing and KYC requirements as traditional financial services companies – a burden on many DeFi protocols. He may be unable or unwilling to bear it.

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Binance is developing an “antidote” to tackle poisoning scams after a $68 million exploit

Security experts at Binance have developed an “antidote” against the increasing cases of address poisoning scams that trick investors into willingly sending funds to a fraudulent address.

The security team at the world’s largest cryptocurrency exchange has developed an algorithm that detected millions of poisoned cryptocurrency addresses, according to a report shared with Cointelegraph.

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Polymarket raises $70 million from Vitalik Buterin Founders Fund

Peter Thiel’s venture capital firm, Founders Fund, and Ethereum co-founder Vitalik Buterin led a $70 million fundraising effort for Polymarket, a platform that enables betting on political events.

According to Bloomberg, Polymarket has raised $70 million across two funding rounds as betting on the 2024 US presidential election gains momentum. Polymarket’s latest Series B funding round was led by Founders Fund, raising $45 million.

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DeFi Market Overview

Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a mixed week, with most trading in the green on the weekly charts. The total value locked in DeFi protocols remained above $90 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.

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