This week in decentralized finance (DeFi) saw significant developments in Hong Kong and notable achievements by AssangeDAO. The Hong Kong government has outlined plans to bolster its fintech dominance by focusing on DeFi and metaverse technologies. Studies by the Hong Kong Institute for Monetary and Financial Research highlight the rapid growth of the DeFi sector, which expanded from a $6 billion market in 2021 to over $80 billion in 2023.
Meanwhile, AssangeDAO has spent $37 million to aid Julian Assange, the founder of WikiLeaks, in his legal battle. This decentralized organization, funded by 16,593 Ether, underscores the potential of DAOs in mobilizing substantial financial support for social causes.
Additionally, crypto losses from hacks and scams soared by 113% in Q2 2024, reaching $572 million. The increase highlights the persistent security challenges in the DeFi space. Another noteworthy event was the $11 million loss suffered by a MakerDAO delegate due to a phishing scam, emphasizing the need for robust security measures.
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.
