This week in the DeFi sector has been marked by a variety of significant events. The KyberSwap platform suffered a major hack with over $46 million stolen, leading to unprecedented demands by the hacker for complete control over the company. In Australia, DeFi tax rules released by the Australian Taxation Office have been criticized by the law firm Cadena Legal, describing them as "non-binding" and likening them to "toilet paper," indicating potential confusion and compliance issues within the crypto community. Additionally, DeFi's potential to address Africa's foreign exchange issues was highlighted by Pascal Ntsama IV, CEO of Canza Finance, who pointed out DeFi's ability to provide decentralized foreign exchange solutions for African currencies. In another noteworthy development, the cross-chain protocol Wormhole raised $225 million at a valuation of $2.5 billion, despite having suffered one of the largest DeFi hacks in February 2022. Overall, the DeFi market showed bullish trends, with most top 100 tokens by market capitalization trading in green, and the total value locked in DeFi protocols remained above $47.4 billion.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
