Welcome to Finance Redefined: KyberSwap hacker demands control, Australian DeFi tax guidance criticized, and more

KyberSwap hacker demands complete control over Kyber company

The hacker who stole over $46 million from the DeFi protocol KyberSwap has released a list of demands, including total control over the Kyber company and all its assets. The hacker specified a deadline for the Kyber team to fulfill the demands.

Australia’s confusing new crypto tax guidance is "toilet paper," says law firm

A law firm in Australia described the DeFi tax guidance released by the country’s finance regulator as "toilet paper." Cadena Legal told Cointelegraph that this guidance would only confuse Australians and might reduce their willingness to comply with the rules.

DeFi could solve Africa’s foreign exchange problems, neobank CEO says

An executive of a neobank project told Cointelegraph that DeFi is able to solve liquidity issues in Africa’s foreign exchange market. Pascal Ntsama IV, CEO of Canza Finance, said that DeFi technology could address issues on this front by providing decentralized foreign exchange for African currencies.

Wormhole raises $225 million at $2.5 billion valuation

Cross-chain protocol Wormhole recently secured $225 million in funding in an investment round led by Brevan Howard, Coinbase Ventures, Multicoin Capital, and many others. The investment places the company at a new valuation of $2.5 billion.

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 remained above $47.4 billion.

Conclusion

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.