Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

DeFi and crypto space continues to evolve rapidly, and staying informed about the latest developments and trends is crucial. Here's a quick recap of the week's top news and trends in DeFi and crypto, keeping you up-to-speed on the latest happenings.

Binance Shifts Focus to Smaller Tokens Amid Listing Outrage

Binance is changing its token listing approach to concentrate on small and medium-sized cryptocurrency projects. The new strategy emphasizes community allocations and sustainable market practices, addressing investor concerns over high Fully Diluted Valuation (FDV) and low circulation tokens. Binance will support these projects through initiatives like Direct Listing, Launchpools, and Megadrops.

Read the full details here. 

Gala Games Hacked for $20M: Details and Impact

Web3 gaming firm Gala Games faced a major exploit on May 20, where an attacker minted 5 billion GALA tokens (around $206 million) and quickly sold them, as noted by Etherscan and Solidity developer 0xquit. The exploit involved an admin address, suggesting possible internal or external involvement. The attacker could've minted up to 12 billion tokens, but the address was blacklisted by the Gala team, limiting the total minted tokens.

Find more information here. 

Imprisoned Binance Exec in Nigeria Admitted to Hospital

Binance executive Tigran Gambaryan collapsed during his money laundering trial in Abuja on Thursday. He is accused of involvement in a $35 million scheme. His defense counsel, led by Mark Mordi, requested a postponement for his recovery and transfer to Nizamiye Hospital. Justice Emeka Nwite approved the transfer to the private facility for immediate treatment.

Details in the article. 

Ethereum Spot ETF Might Launch as Early as Mid June - Bloomberg Analyst

Bloomberg analyst Eric Balchunas anticipates the launch of spot Ethereum ETFs as early as mid-June. However, Gabriel Shapiro of Delphi Labs highlights that an SEC Commissioner could challenge the approval within 10 days, as it was granted under "delegated authority." ETF analyst James Seyffart notes that such challenges are common and typically don't alter the outcome.

Read the full story. 

Gary Gensler Criticizes Pro-Crypto FIT21 Act: Details

Gary Gensler, Chair of the SEC, strongly opposes the Financial Innovation and Technology for the 21st Century Act (FIT21). In a May 22 statement, Gensler argues that the act would harm investors by removing crypto assets from SEC oversight, hindering efforts to protect investors in the crypto market.

Details in the article.

News source：https://www.kdj.com/cryptocurrencies-news/articles/recapping-week-defi.html

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