{"id":334453,"date":"2021-09-03T20:00:00","date_gmt":"2021-09-03T17:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/finance-redefined-swindling-the-lender-and-a-100m-pot-aug-30-sept-3\/"},"modified":"2021-09-03T20:00:00","modified_gmt":"2021-09-03T17:00:00","slug":"finance-redefined-swindling-the-lender-and-a-100m-pot-aug-30-sept-3","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/finance-redefined-swindling-the-lender-and-a-100m-pot-aug-30-sept-3\/","title":{"rendered":"# Finance Redefined: Swindling the lender and a $100M pot, Aug. 30\u2013Sept. 3"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3db3f7b2521\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3db3f7b2521\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-swindling-the-lender-and-a-100m-pot-aug-30-sept-3\/#Cream_of_the_crop\" >Cream of the crop<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-swindling-the-lender-and-a-100m-pot-aug-30-sept-3\/#The_100-million_DeFi_inclusion_initiative\" >The $100-million DeFi inclusion initiative<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-swindling-the-lender-and-a-100m-pot-aug-30-sept-3\/#Gary_Gensler_Crypto_could_be_as_big_as_the_internet\" >Gary Gensler: Crypto could be as big as the internet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-swindling-the-lender-and-a-100m-pot-aug-30-sept-3\/#Token_movements\" >Token movements<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Finance Redefined: Swindling the lender and a $100M pot, Aug. 30\u2013Sept. 3  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Welcome to the latest iteration of Cointelegraph\u2019s DeFi <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter.<\/p>\n<p>Just as quickly as the summer departed from our calendars, millions of funds were hacked from the wallets of Cream Finance. <\/p>\n<p>This has been another jam-packed week in the decentralized finance, or DeFi, space. Here are some top picks for the biggest stories on what is my debut <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>earance as Finance Redefined\u2019s newsletter writer.<\/p>\n<p>What you\u2019re reading is the shorter, snappier version of the newsletter. For the full roundup of DeFi developments across the week delivered directly to your inbox, subscribe below.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cream_of_the_crop\"><\/span>Cream of the crop<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This week\u2019s cream-of-the-crop story (pun intended) was the news that lending protocol Cream Finance joined the growing list of hacker victims from the world of DeFi.<\/p>\n<p>Following diligent <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/peckshield\/status\/1432249600002478081\">analysis<\/a> from blockchain security expert PeckSheild, it was identified that the hacker exploited a reentrancy bug introduced by the Amp token, resulting in a total acquisition of 5,758 Ether (ETH), equal to $19 million.<\/p>\n<p>A few days on, Cream Finance released a post-mortem report on the Amp token hack, promising to return the lost Ether and Amp tokens to users by curtailing 20% of future protocol fees until users are fully compensated.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_100-million_DeFi_inclusion_initiative\"><\/span>The $100-million DeFi inclusion initiative<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This week, a consortium of leading DeFi protocols, including Aave, SushiSwap, Curve and 0x announced a collaborative $100-million financial inclusion initiative, built on the Celo blockchain, designed to propel DeFi to over 6 billion mobile phone users.<\/p>\n<p>The scheme will create educational programs, incentives and grants \u2014 supported by Chainlink and The Graph, among others \u2014 to foster fair access to finance for the world\u2019s unbanked, marking an evolution from the often exclusive dogmas of traditional markets.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Gary_Gensler_Crypto_could_be_as_big_as_the_internet\"><\/span>Gary Gensler: Crypto could be as big as the internet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Another headline story this week was SEC Chair Gary Gensler\u2019s virtual appearance with the European Parliament committee where he shared policy recommendations for the regulation of crypto assets. <\/p>\n<p>In what has become a consistent approach since taking office, Gensler remained cautious in not deviating from the pro-regulation script but did offer some bite-sized quotes acknowledging the vast potential of the market, claiming:<\/p>\n<p>\u201cI think the transformation we\u2019re living through right now could be every bit as big as the internet in the 1990s.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Token_movements\"><\/span>Token movements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Analytical <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dappradar.com\/defi\">data<\/a> reveals that DeFi\u2019s total value locked (TVL) stands at a record high of $131.32 billion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/7caa78db-522c-4818-a208-bd10cbbbd89b.png\"><\/figure>\n<p>Technical data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/uk.tradingview.com\/\">TradingView<\/a> reveals that DeFi\u2019s major tokens performed reasonably well across the week, posting healthy gains.<\/p>\n<p>SushiSwap\u2019s SUSHI recorded bullish gains of 14%, Aave by 9%; meanwhile, Synthetix (SNX) is up 8% from last week, while Yearn.finance\u2019s YFI grew by 5.77%.<\/p>\n<p>Following consistent momentum over the past couple of months, conversations are emerging in the DeFi community around a potential \u201cDeFi Summer 2.0.\u201d<\/p>\n<p><em>Thanks for reading our dissection of DeFi\u2019s biggest developments across the week. To read the full version of this newsletter, subscribe to our mailing list.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/finance-redefined-swindling-the-lender-and-a-100m-pot-aug-30-sept-3\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Finance Redefined: Swindling the lender and a $100M pot, Aug. 30\u2013Sept. 3 &#8221; Welcome to the latest iteration of Cointelegraph\u2019s DeFi newsletter. Just as quickly as the summer departed from our calendars, millions of funds were hacked from the wallets of Cream Finance. This has been another jam-packed week in the decentralized finance, or&#8230;<\/p>\n","protected":false},"author":1,"featured_media":334454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvMGJkM2Y5MzktZmI3Ny00MGE4LTg5NTEtZDRlNTYzNzcwYWIwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[92664,74894,74868,76556,74882,74898,89215],"class_list":["post-334453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-aave","tag-blockchain","tag-defi","tag-fintech","tag-hacks","tag-sec","tag-sushiswap"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/334453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=334453"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/334453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/334454"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=334453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=334453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=334453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}