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The top 100 DeFi tokens had another bearish week, with the majority of tokens trading in the red. 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. On June 15, an imbalance in Curve Finance’s 3pool led to a Tether ( USDT ) depeg scare as the stablecoin’s weightage in the pool rose above 70%, leading to heavy selling. Tether’s chief technology officer claimed these market conditions are stress tests for the stablecoin and played down the depeg “FUD.” In other news, a crypto trading bot programmed to execute arbitrage trades borrowed $200 million to make just over $3 in profit. Uniswap, the decentralized exchange protocol, released its version 4 code on June 13, making way for new liquidity pools. DeFi lending platform Sturdy Finance was drained for $800,000. The protocol’s team offered a $100,000 bounty for returning the funds and reopened its ...

When you use a “free” product like ChatGPT, your personal data is the product — and governments across the globe are using that to their advantage. The meteoric ascent of generative artificial intelligence has created a bonafide technology sensation thanks to user-focused products such as OpenAI’s ChatGPT, Dall-E and Lensa. But the boom in user-friendly AI has arrived in conjunction with users seemingly ignoring or being left in the dark about the privacy risks imposed by these projects. In the midst of all this hype, however, international governments and major tech figures are starting to sound the alarm. Citing privacy and security concerns, Italy just placed a temporary ban on ChatGPT , potentially inspiring a similar block in Germany. In the private sector, hundreds of AI researchers and tech leaders, including Elon Musk and Steve Wozniak, signed an open letter urging a six-month moratorium on AI development beyond the scope of GPT-4. The relatively swift action to try to rei...

Meta claims Voicebox is the first AI that can generalize text-to-speech tasks it wasn’t trained to accomplish and describes it as a “breakthrough.” Meta AI recently unveiled a “breakthrough” text-to-speech (TTS) generator it claims produces results up to 20 times faster than state-of-the-art artificial intelligence models with comparable performance.  The new system, dubbed Voicebox, eschews traditional TTS architecture in favor of a model more akin to OpenAI’s ChatGPT or Google’s Bard. Among the main differences between Voicebox and similar TTS models, such as ElevenLabs Prime Voice AI, is that Meta’s offering can generalize through in-context learning. Much like ChatGPT or other transformer models, Voicebox uses large-scale training datasets. Previous efforts to use massive troves of audio data have resulted in severely degraded audio outputs. For this reason, most TTS systems use small, highly-curated, labelled datasets. Meta overcomes this limitation through a novel trai...

Bitcoin has reclaimed the $26,000 level, but will large cap altcoins follow BTC's rebound? Bitcoin ( BTC ) is witnessing a tough battle between buyers and sellers near the $25,000 mark. A minor cause of worry for the bulls is that even the news of BlackRock having filed an application for a Bitcoin spot exchange-traded fund could not boost prices higher. This suggests that investors remain cautious due to the regulatory overhang. However, this does not mean that professional investors have abandoned plans to invest in cryptocurrencies. The Laser Digital Investor Survey of institutional investors conducted in April shows that 90% of the respondents were ready to consider putting money into crypto if the asset was backed by a “large traditional financial institution.” Another positive was that 82% of the investors polled were positive on crypto’s prospects over the next 12 months. Daily cryptocurrency market performance. Source: Coin360 Glassnode co-founders Yann Allemann a...

Civil sanctions against 3AC co-founder Kyle Davies include an award of attorneys’ fees and a $10,000 daily fine until he is in compliance with a subpoena. Three Arrows Capital (3AC) co-founder Kyle Davies should be held in contempt of court for ignoring a subpoena connected to bankruptcy proceedings, June 14 court filings from 3AC’s liquidators show. According to the creditor's legal team, Davies is purposely delaying asset recovery from the former crypto hedge fund. The civil sanctions against Davies for his contempt include an award of attorneys’ fees and a $10,000 daily fine until he is in compliance. The motion does not apply to Su Zhu, the fellow co-founder of the bankrupt hedge fund. Due to his Singaporean citizenship, Zhu is not subject to the jurisdiction of the United States courts, Cointelegraph learned from Teneo, the firm serving as liquidator in the case. Screenshot of motion for holding Kyle Davies to be in civil contempt. Source: Teneo On Jan. 5, Davies and Zh...

Prosecutors said they were prepared to try SBF on his original eight-count indictment starting in October, with the remaining five charges to be decided by Judge Lewis Kaplan. A United States federal judge is reportedly weighing a proposal to split former FTX CEO Sam Bankman-Fried ’s (SBF) criminal charges into two trials following a filing from prosecutors.  According to a June 15 report from The Wall Street Journal, Judge Lewis Kaplan of the District Court for the Southern District of New York was considering whether to dismiss or separate charges in Bankman-Fried’s criminal case after an “imaginative” argument from the former FTX CEO’s legal team. Bankman-Fried’s lawyers filed a motion that argued he should not face charges that had not been included in the extradition papers from the Bahamas to the U.S. in 2022. The original indictment for SBF included eight criminal charges, but a superseding indictment in February and a subsequent charge added in March increased the to...

The MiCA framework suggested a roughly 18-month timeline to fully take effect, with regulators and lawmakers seeming to go through proposals aimed at ensuring a smooth implementation. The European Union’s financial watchdog will launch a three-part consultation process for the recently adopted Markets in Crypto-Assets framework, or MiCA. In a notice posted to the European Securities and Markets Authority (ESMA) website on June 12, regulators said the consultation packages would cover the authorization, governance, conflicts-of-interest and complaint-handling procedures of MiCA starting in July 2023. The measures will be subject to approval by the European Commission, European Parliament and European Council. The first consultation package will include technical standards on the application of crypto asset service providers in the EU, as well as procedures for handling complaints and disclosing potential conflicts of interest. The second, expected to start in October, will consider...