Mango Markets’ Exploiter to Face Trial in April, and Coinflux Shuts Down Multichain: Crypto Insights
Welcome to our weekly segment, Crypto Insights, where we bring you the most significant developments in decentralized finance (DeFi) from the past week. This week, the exploiter behind the $116-million theft of assets from Mango Markets is set to face trial in April next year, and Coinflux’s multichain protocol called ShuttleFlow is closing down after two years of operation. Additionally, Aave, a DeFi protocol, had to pause multiple markets due to an issue affecting certain features. We’ll also take a look at the latest update from the Proof of Stake Alliance and the eventful week in the top 100 DeFi tokens.
Coinflux Multichain Protocol Shuts Down After Two Years
After two years of operation, the Conflux Foundation’s multichain protocol, ShuttleFlow, is winding down its services. The technology stack will be transferred to Web3 studio Zero Gravity, ensuring the security of all user funds during the migration. Users who have previously bridged through ShuttleFlow and claimed their bridged assets on the destination chain will not need to take any additional actions for the migration.
Aave Pauses Several Markets After Reports of a Feature Issue
Aave paused several markets after receiving reports of an issue affecting a specific feature. This pause affected multiple networks, including Aave v2 Ethereum Market, as well as certain assets on Aave v2 on Avalanche, Polygon, Arbitrum, and Optimism.
Fraud Trial of Mango Market’s Exploiter Behind Alleged $116M Theft Pushed to April
The fraud trial of the exploiter responsible for the alleged $116-million theft from Mango Markets has been postponed to April 8, 2023, following a successful motion for a continuance filed by the accused’s lawyers. The trial was initially set to commence on December 4, but various circumstances impacted the accused’s trial preparations.
Proof of Stake Alliance Updates Recommendations for Staking Providers
The Proof of Stake Alliance (POSA) recently published an updated version of its staking principles, representing the interests of 15 firms in the crypto staking industry. These firms include Alluvial, Ava Labs, Coinbase, and other prominent entities in the staking space.
DeFi Market Overview
Data from Cointelegraph Markets Pro and TradingView indicates that the top 100 DeFi tokens experienced a bullish week, with significant increases in market capitalization and the total value locked into DeFi protocols reaching $56.06 billion.
Thank you for joining us for this week’s Crypto Insights. Stay tuned for more stories, insights, and education about the dynamic world of DeFi.
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