DeFi
Weekly summary of articles: 05/20-05/24
A summary of the notable new releases of the week.
Recap of the week in DeFi
As the DeFi and crypto space continues to evolve at a rapid pace, it is essential to stay informed with the latest developments and trends. Our weekly recap provides you with a concise but comprehensive overview of the most important news and trends in the DeFi and crypto space, helping you stay informed and up to date with the latest happenings.
Binance plans to list ‘small to medium’ tokens amid outrage
Binance is changing its token listing approach to focus on small and mid-sized cryptocurrency projects. The new strategy emphasizes community allocations and sustainable market practices, addressing investors’ concerns about high fully diluted valuation (FDV) and low circulation tokens. Binance will support these projects through initiatives such as Direct Listing, Launchpools and Megadrops.
Read all the details here.
Gala games hacked for $20 million: details and impact
On May 20, Web3 gaming company Gala Games faced a major exploit: an attacker minted 5 billion GALA tokens worth $206 million, according to Etherscan. Solidity developer 0xquit revealed that the exploit involved an administrator address, suggesting possible internal or external involvement. The attacker could have mined up to 12 billion tokens, but was stopped when the address was blacklisted.
Find more information here.
Binance executive imprisoned in Nigeria admitted to hospital
Binance executive Tigran Gambaryan collapsed during his money laundering trial in Abuja on Thursday. He faces charges related to a $35 million scheme. His lawyer, led by Mark Mordi, requested a delay in his recovery and his transfer to Nizamiye Hospital. Justice Emeka Nwite approved the transfer to a private facility for immediate treatment.
Details in the article.
Ethereum Spot ETF Could Launch As Early As Mid-June – Bloomberg Analyst
Spot Ethereum ETFs could debut by mid-June, according to Bloomberg’s Eric Balchunas. However, Delphi Labs’ Gabriel Shapiro warns that an SEC commissioner could challenge the approval within 10 days because it was made under “delegated authority.” ETF analyst James Seyffart believes such challenges are common and unlikely to change the outcome.
Read the full history.
Gary Gensler criticizes the Pro-Crypto FIT21 law: details
Gary Gensler, Chairman of the SEC, has expressed his strong opposition to the Financial Innovation and Technology for the 21st Century (FIT21) Act. In a May 22 statement, Gensler argued that the law would harm investors by removing crypto assets from SEC oversight, undermining efforts to protect investors.
Details in the article.