ZK Token Dump Causes 34.5% Price Decline
The ZK token experienced a significant price drop of 34.5%, falling to $0.18 from a high of $0.32 shortly after its launch.
Weekly DeFi Highlights
Welcome to Finance Redefined, your weekly update on decentralized finance (DeFi). This week saw notable events such as the zkSync (ZK) token airdrop, where many recipients sold their tokens, leading to a price drop. Additionally, Kraken recovered $3 million from CertiK after a contentious bug bounty exploit.
Kraken Recovers $3 Million from CertiK
Kraken has recovered nearly $3 million following a high-profile exploit. Nicholas Percoco, Kraken’s chief security officer, confirmed the return of the funds, minus transaction fees. The saga began on June 9 when a security researcher exploited a bug and shared the vulnerability, leading to the withdrawal of funds from Kraken’s treasury.
MetaMask Privacy Updates
Consensys, the company behind MetaMask, has updated its privacy policy to enhance user consent, transparency, and control over personal data. These updates aim to improve privacy and security measures for MetaMask users.
ZK Token Airdrop Sell-Off
Data from Nansen revealed that nearly 41% of the top wallets that received the new ZK token on June 17 have sold their entire allocation, contributing to a 34.5% price decline. About 29.2% of these wallets sold at least some of their tokens, with over 486 million ZK sold in total. Just over 30% of the top wallets have held onto their tokens.
1inch Partners with Blockaid
DeFi platform 1inch has partnered with Web3 security provider Blockaid to enhance security within its ecosystem. The collaboration aims to identify and prevent fraudulent activities such as phishing scams and hacks. Blockaid’s features, which simulate transactions before execution, will be integral to this initiative.
DeFi Market Overview
The DeFi market had a bearish week, with most of the top 100 tokens by market capitalization trading in the red. The total value locked in DeFi protocols fell below $100 billion.
