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.

A trader managed to exploit the brief opening of the Multichain cross-chain bridge, which was frozen since its exploit in July 2023, allowing the trader to turn $280,000 worth of Fantom’s (FTM) tokens into $1.9 million worth of different assets.

In other news, Solana’s (SOL) token has surged 80% in a month, and Avalanche is set to shut down its Etherscan-powered blockchain explorer tool amid a fee controversy. A new bridged token from LayerZero has drawn criticism from nine protocols throughout the…

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Former FTX CEO Sam Bankman-Fried was found guilty of seven charges including fraud and conspiracy to commit money laundering on Thursday.

His trial, which began in October, ended after a four-hour deliberation by the jury. 

The verdict came a year to the day CoinDesk published Alameda’s balance sheet. 

Mark Cohen, a lawyer for Bankman-Fried said, “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.”

Meanwhile, US Attorney for the Southern District of New York, Damian Williams, said “…Here’s the thing: The cryptocurrency industry might be new….

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China-based BTC Digital announced the purchase of 220 new Bitcoin (BTC) mining units on Nov. 3, bringing its total number of machines to 2,174, with over 230PH/s of computing power. The new acquisitions are expected to become operational by the end of the month.

The deal was made with “two unaffiliated third parties” for Bitmain Antminer S19j Pro units in exchange for 276,572 shares of ordinary company stock valued at $968,800, according to a statement. BTC Digital was known as Meten EdtechX Education Group until a name change in August that “better reflects the Company’s current business operations.”

The BTC Digital homepage. Source: BTC Digital

According to the Nasdaq-listed…

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FTX bankruptcy consultants Alvarez & Marsal have been handing over information on customer transactions and other data to various FBI branches, according to billing documents filed by the consultants.

The documents fail to clearly explain what information is given outside of descriptions such as “Analyze transactions specific to a Philadelphia FBI request for specific customers.”

Some of the other requests included “Extract[ing] transaction and customer information related to specific transaction hashes” from an FBI Portland subpoena.

In billing records filed back in September, the Philadelphia FBI sent over a Grand Jury subpoena looking to “investigate activity related to…

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Though Coinbase’s trading volumes have continued to drop, analysts said the crypto exchange’s third quarter results signal its other business segments could carry the company in future quarters.

The low volatility and broader “macro backdrop” contributed to Coinbase’s spot market trading volumes declining 24% quarter over quarter, the company said in its Thursday shareholder letter. Total transaction revenue was $289 million, down 12% from the prior three-month period — a fate analysts had expected.

Its adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — was $181 million. That figure was down slightly from $194 million in the prior…

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More tradition than coincidence, the Christmas season is around the corner again and the market is looking good for yet another run. Bitcoin (BTC) surged to more than $35,000 in October, another record high for 2023. The year-long rally has been attributed to unconventional market trends, including excitement over the Bitcoin spot ETF applications pending with the Securities and Exchange Commission.

If, like me, you’ve been in the crypto space since 2014, you’d agree that the holiday season comes with a euphoric feeling — especially this year. Everyone seems to agree that a bull run is just around the corner, so it’s time to keep a watchful eye on the market and explore unique…

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Block, maker of the Cash App, recorded an increase in revenue from sales of bitcoin of $660.8 million in the third quarter, according to a regulatory filing Thursday.

The 37% increase over the company’s second quarter results reflects its customer’s appetite for buying bitcoin, even though the asset’s price fell by 11% during that period. These results have not yet accounted for the price surge experienced in October. 

Total bitcoin revenue was reported to be $2.42 billion in the third quarter, up from $1.76 billion in the same period last year. After deducting costs of acquiring that bitcoin on behalf of customers, profit from sales came in around $45 million, similar to…

Read more on Blockworks