Mango Markets’ exploiter to face trial in April, and Coinflux shuts multichain: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
The exploiter behind the $116-million theft of assets from Mango Markets will face trial in April next year after the accused convinced the judge to postpone the fraud trial to April 8, 2023. The Aave protocol had to pause multiple markets earlier after reports of a feature-related bug.
The Coinflux multichain protocol called ShuttleFlow is all set to wind down its services after two years. Meanwhile, the Proof of Stake Alliance published an updated version of the staking requirements earlier this week.
The top 100 DeFi tokens had an eventful week as the majority of the tokens recorded new multimonth highs, and the total value locked in DeFi protocols touched $56 billion for the first time in several months.
Conflux multichain protocol shuts down after two years
ShuttleFlow, the ecosystem multichain protocol operated and maintained by Conflux Foundation — also known as the Shanghai Tree-Graph Blockchain Research Institute — will shut down after two years.
The ShuttleFlow technology stack will be transferred to Web3 studio Zero Gravity, which will continue to develop the protocol under a new brand. “All user funds are secure and will be migrated from ShuttleFlow to Zero Gravity,” the project wrote, adding, “Users who have previously bridged through ShuttleFlow and completed the claim of their bridged assets on the destination chain do not need to undergo any additional operations for the migration.”
Aave pauses several markets after reports of a feature issue
Decentralized finance (DeFi) protocol Aave paused several markets on Nov. 4 after receiving reports of an issue affecting “a certain feature,” according to a post on X.
The pause affects multiple networks, including Aave v2 Ethereum Market and certain assets on Aave v2 on Avalanche. In addition, certain assets on Polygon, Arbitrum and Optimism have been frozen.
Fraud trial of Mango Market’s exploiter behind alleged $116M theft pushed to April
Lawyers representing the $116-million Mango Markets exploiter have convinced a judge to postpone the fraud trial until April 8, 2023. Avraham Eisenberg’s fraud trial was set to commence on Dec. 4. Still, several circumstances impacted his trial preparations, according to his lawyers, who filed a successful motion for a continuance with District Court Judge Arun Subramanian on Nov. 2.
“As discussed in today’s conference, the motion for continuance is GRANTED. Trial in this case will begin on April 8, 2024,” Subramanian stated in a Nov. 3 court filing.
Proof of Stake Alliance updates recommendations for staking providers
The Proof of Stake Alliance (POSA), a nonprofit organization that represents firms in the crypto staking industry, published an updated version of its “staking principles” on Nov. 9
POSA represents 15 different firms in the staking industry — Alluvial, Ava Labs, Blockdaemon, Coinbase, Credibly Neutral, Figment, Infstones, Kiln, Lido Protocol, Luganodes, Methodic, Obol, Polychain, Paradigm and Staking Rewards.
DeFi market overview
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most tokens trading in green on the weekly charts. The total value locked into DeFi protocols jumped to $56.06 billion.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.