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.
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.
Former anti-corruption minister Tulip Siddiq is set to face trial later this month over corruption allegations in Bangladesh.
Ms Siddiq resigned from her ministerial role earlier this year over accusations she illegally received a plot of land in a new high-end development on the outskirts of Dhaka, Bangladesh’s capital, from her aunt, Sheikh Hasina, who was ousted as prime minister last year.
Bangladesh’s Anti-Corruption Commission (ACC) claims the Labour MP received a 7,200sq ft plot in the diplomatic zone through “abuse of power and influence”.
The ACC confirmed Ms Siddiq’s case is due to be heard in Bangladesh on 11 August.
A top official at the Commission told Sky News that if the Labour MP refuses to attend court on this date, a trial will be held in her absence.
It is understood she will not be present.
Ms Siddiq’s lawyers have denied the allegations against her.
More on Bangladesh
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Image: Tulip Siddiq with Sheikh Hasina in 2009. Pic: Reuters
Sky News understands an article published on Thursday morning saying the Labour MP for Hampstead and Highgate will face trial in Bangladesh over the allegations is the first Ms Siddiq had heard of the court date.
A source close to Ms Siddiq told Sky News her lawyer was in court every day last week to request information, but was denied it.
An ACC official said Ms Siddiq’s lawyer “was absent in the court” when the court order was issued on Thursday.
They added that the order relates to three cases involving Ms Siddiq and others – all regarding corruption around the Purbachal new town project.
The Commission will continue to take steps “to ensure justice against the perpetrators”, the official said.
Ms Siddiq’s lawyer said: “For nearly a year now, the Bangladesh authorities have been making false allegations against Tulip Siddiq.
“Ms Siddiq has not been contacted or received any official communication from the court and does not and has never owned any plot of land in Purbachal.
“This longstanding politically motivated smear campaign has included repeated briefings to the media, a refusal to respond to formal legal correspondence, and a failure to seek any meeting with or question Ms Siddiq during the recent visit by the Anti-Corruption Commission (ACC) to the United Kingdom.
“Such conduct is wholly incompatible with the standards of a fair, lawful, and credible investigation.
“In light of these facts, it is now time for the Chief Adviser and the ACC to end this baseless and defamatory effort to damage Ms Siddiq’s reputation and obstruct her work in public service.”
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‘Leave me alone’: MP tells Bangladeshi authorities
In June, Ms Siddiq accused Bangladesh’s interim leader, Nobel Prize-winning economist Professor Muhammad Yunus, of conducting an “orchestrated campaign” to damage her reputation and “interfere with UK politics”.
In a legal letter seen by Sky News in June, the MP also said comments made by Professor Yunus in a Sky News interview have prejudiced her right to a fair investigation, meaning the corruption inquiries should be dropped.
The interim leader, who took over after Ms Hasina was ousted last year following violent protests, said Ms Siddiq “has so many (sic) wealth left behind here” and “should be made responsible”.
Image: Sheikh Hasina fled Bangladesh after being accused of rigging elections and interfering with the judicial system. Pic: AP/ Yomiuri Shimbun
Professor Yunus’ press secretary said he and the ACC “has no reason and scope to interfere in UK politics”.
“The Anti-Corruption Commission relies not on hearsay but on documentary evidence and witness testimony,” they said.
El Salvador approved indefinite reelection for president and extended terms to six years, sparking backlash from critics warning of increasing authoritarianism.