The Financial Action Task Force (FATF) published a report saying many decentralized finance platforms are not truly decentralized. The Paris-based body said its rules already apply to any DeFi arrangement where an identifiable person exercises control or sufficient influence. Nearly 93% of surveyed jurisdictions have not applied the standards to qualifying DeFi arrangements, and only two have ever licensed or registered one. North Korea-linked hackers carried out two April attacks that drained more than $570 million from Drift Protocol and KelpDAO. DeFi’s total value locked reached $86.6 billion, up about 85% since 2023.
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