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 attacker who stole $46 million from the KyberSwap protocol has used a complex strategy described by a DeFi expert as an “infinite money glitch.” With the exploit, the attackers tricked the platform’s smart contract into believing it had more liquidity available than it did.

Australia’s tax regulator has failed to clarify its rules on DeFi despite Cointelegraph reaching out for answers. The regulator could not answer whether capital gains taxes apply to liquid staking and transferring assets…

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The film industry has been suggested by many as one of the next frontiers of Web3 and blockchain technology. With movies historically funded by wealthy investors or centralized production companies, blockchain offers a unique set of tools to decentralize the investment process. Filmmakers can launch projects quicker, and individuals can have a stake in the financial outcome of a film in a way not historically possible — all with the benefit of blockchain’s transparency and efficiency.

The trend toward tokenization in all forms of entertainment is growing, and with it has come the seemingly increasing mainstream acceptance of films with a crypto bent.

One such example can be found in…

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In just a few days, the amount of value sent into the Blast deposit contract on Ethereum has increased by an order of magnitude to $390 million.

A smart contract, advertised as a “bridge” for a yet-to-be-developed optimistic rollup, has received about $340 million in ether and $50 million in stablecoins since launching Monday.

The contract, is controlled by a Safe 5-key multisig where 3 keys are required to execute transactions. However, one of the 5 keys has no transaction history, and the other 4 show initial ether deposits from the same Ethereum account.

There is no way for an outside observer to know whether the five keys were generated by five independent entities or…

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Imagine building a company from a $15 million initial coin offering to an impressive $60 billion empire. That’s exactly what Changpeng “CZ” Zhao has done with Binance since he founded the crypto exchange in 2017 before resigning on Nov. 21 as part of a settlement with the United States Department of Justice (DOJ). 

However, CZ wasn’t just the brain behind Binance — he might be the most important player in the whole crypto game. As such, his downfall represents more than just a personal setback; it’s another blow to the cryptocurrency industry’s global image and credibility.

The U.S. also targeted Kraken in this week’s crypto crackdown. The U.S. Securities and Exchange…

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Bitcoin (BTC) buyers should “enjoy” the chance to add to their stack below $40,000, says one of crypto’s household names.

In a post on X (formerly Twitter) on Nov. 24, PlanB, creator of the Stock-to-Flow family of BTC price models, hinted that current levels would not be around long.

PlanB: Time is ticking on $40,000 resistance

Bitcoin is destined to go much higher than its recent 18-month highs, PlanB believes, and time is ticking to increase BTC exposure below $40,000.

Known for his optimistic takes on long-term BTC price growth, PlanB this time used realized price data to support the case for bulls.

Realized price is Bitcoin’s realized cap — the sum total price at which all BTC…

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Terraform Labs and former CEO Do Kwon remain locked in a legal battle with the US Securities and Exchange Commission over the now-infamous depeg and collapse of the stablecoin UST.

The lawsuit was filed back in February, less than a year after the depegging triggered a domino effect for crypto firms. UST’s collapse led to multiple bankruptcies and exposed the weaknesses within FTX’s now-failed exchange empire. 

Yet — as evidenced by the trial of former FTX CEO Sam Bankman-Fried — both FTX and Alameda were in trouble prior to the depegging.

The SEC’s lawsuit isn’t the only one that Kwon faces. Kwon was indicted in March by a grand jury on fraud charges — including wire…

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The Data Act — a contentious piece of European Union legislation that includes a clause requiring the ability to terminate smart contracts — has been approved by the European Parliament. If introduced, the legislation will require a smart contract to have a “kill switch.”

In a Nov. 9 press release, the parliament announced that the legislation was passed with 481 votes in favor and 31 against. The next step for it to become law is to gain the approval of the European Council.

In its current form, the Data Act stipulates that smart contracts must have the capability to be “interrupted and terminated,” and it mandates controls that allow for the resetting or halting of the…

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