BitMEX exchange CEO Arthur Hayes leaves his post, and the capitalization of the DeFi sector falls 25% during a day

BitMEX CEO Arthur Hayes steps down after accusations

BitMEX has announced a complete change of leadership.

Earlier, the US authorities charged the founders of the exchange with illegal use of an unregistered trading platform and failure to comply with anti-money laundering requirements. BitMEX operator 100x Group announced that exchange co-founders Arthur Hayes, Samuel Reed and Ben Delo will step down from senior positions in the company. Business Development Manager Greg Dwyer is taking a vacation.

Vivienne Khu will be the interim CEO. Previously she held the position of Chief Operating Officer of 100x Group.

“These changes to our executive leadership mean we can focus on our core business of offering superior trading opportunities for all our clients through the BitMEX platform, whilst maintaining the highest standards of corporate governance,” said David Wong, chairman of 100x Group, in the post,” commented David Wong, Chairman of 100x Group.

The value of tokenized bitcoins WBTC reaches $1 billion

The recent DeFi boom has resulted in a 900% increase in the total locked value (TVL) of tokenized Wrapped BTC.

At the moment, the figure exceeds $1 billion. The current TVL of all tokenized bitcoins is almost $1.5 billion, of which one third falls on WBTC. Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL, accounting for nearly 10% of the sector-wide locked capital.

Wrapped Bitcoin allows users to block BTC in exchange for WBTC, an ERC-20 token pegged to Bitcoin. This enables BTC holders to access the Ethereum-based decentralized finance ecosystem, using bitcoins as collateral.

The recent DeFi boom has resulted in a 900% increase in the total locked value (TVL) of tokenized Wrapped BTC.

At the moment, the figure exceeds $1 billion. The current TVL of all tokenized bitcoins is almost $1.5 billion, of which one third falls on WBTC. Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL, accounting for nearly 10% of the sector-wide locked capital.

Wrapped Bitcoin allows users to block BTC in exchange for WBTC, an ERC-20 token pegged to Bitcoin. This enables BTC holders to access the Ethereum-based decentralized finance ecosystem, using bitcoins as collateral.

Capitalization of the DeFi sector falls by 25% in a day

The DeFi market experienced a sharp decline: on October 7, the total capitalization of assets fell by 25%.

Santiment analysts estimate that daily trading volumes for DeFi tokens fell 30%, while recent market leaders Sushi (SUSHI), Uniswap (UNI) and Yearn Finance (YFI) lost 51%, 38% and 31% in value over the week. respectively.

“The crypto market has been engulfed in a sea of red this week, with most DeFi blue chips recording double digit losses over the past 7 days,” analysts wrote.

They also noticed that large players began to accumulate some of the assets.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store