$200M lost to hacks in 2024, Shido token plummets 94%: Finance Redefined

Over $200 million worth of cryptocurrency has been lost to hacks and rug pulls in 32 individual incidents so far this year.

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.

In a fireside chat at ETHDenver, United States Securities and Exchange Commission (SEC) Commissioner Hester Pierce advocated for more decentralization and said centralization means that “you have concentrated risks.”

An attacker took control of the Shido blockchain’s Ethereum staking contract and transferred out billions of Shido (SHIDO) tokens, according to PeckShield.

According to a new Immunefi report, Ethereum is the most targeted chain by hackers in 2024, accounting for 85% of the value lost in February.

The top 100 DeFi tokens continued their bullish momentum, and the total value locked in DeFi protocols breached $95 billion.

SEC’s Pierce wants more decentralization in the financial system

The SEC commissioner has advocated for more decentralization in the U.S. financial system and a softer approach to crypto regulation and enforcement.

Pierce, also known as “Crypto Mom,” closed her fireside chat with CNBC’s MacKenzie Sigalos at the ETHDenver conference on Feb. 29, stating that decentralization benefits the U.S. financial system.