An unknown Hyperliquid trader has lost over $40 million within a month, surpassing James Wynn as the platform’s biggest losing whale. The trader made high-leverage trades, losing nearly $40 million on Hyperliquid and $35 million on an Ether position, among other losses. Despite this, the whale still holds a $152 million position. Source: Hyperdash
The native token of the DeFi platform Kinto Network, Kinto, plunged 81% after announcing the shutdown of its Ethereum layer-2 blockchain in September. The project cited worsening market conditions and a $1.6 million hack as reasons for the shutdown. Kinto previously offered a 130% annual yield on stablecoins, one of the highest in DeFi. Source: Kinto
SwissBorg was hacked for $41 million in SOL tokens due to a vulnerability in the API of its staking partner Kilin. Despite the exploit, the project remains financially healthy, with its app and other products unaffected. SwissBorg CEO Cyrus Fazel reassured users that the platform is not at risk despite the significant loss. Source: Swissborg
MegaETH, an Ethereum layer-2 protocol backed by Vitalik Buterin, introduced a yield-bearing stablecoin, USDm, on Ethena’s infrastructure. The stablecoin will use reserves to offset sequencer fees on the Ethereum mainnet, reducing user fees and enabling more expressive design for applications. Source: Cointelegraph
Bubblemaps identified the largest Sybil attack in crypto history, with 100 funded wallets claiming $170 million in MYX tokens from an airdrop. The wallets showed no prior activity and claimed the airdrop almost simultaneously, leading Bubblemaps to suggest it could be the biggest airdrop Sybil of all time. Source: Bubblemaps
Most of the top 100 cryptocurrencies by market capitalization ended the week in the green, with MYX Finance leading the gains with a 1,100% increase. Worldcoin followed with over 90% gains. Stay tuned for more impactful DeFi developments next week. Source: DefiLlama
Read more at Cointelegraph: Whale Surpasses James Wynn’s Losses on Hyperliquid: Finance Redefined