Decentralized exchange GMX suffers $565K price manipulation 'exploit'
A founder of a DEX competitor to GMX said on Sept. 2 that an exploit could be pulled off on GMX which could leave GLP holders short. 16 days later, it happened. Decentralized exchange (DEX) GMX has reportedly suffered a price manipulation exploit from an exploiter who managed to make off with around $565,000 from the AVAX/USD market.The unidentified exploiter is understood to have capitalized on GMX’s “minimal spread” and “zero price impact” features to pull off the exploit, which impacted GLP token holders who provided liquidity in the form of AVAX (the Avalanche token) to GMX.GMX....
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Zabu Finance, a decentralized yield farming protocol on Avalanche, suffered the first big hack related to the chain. The protocol was the victim of an exploit that allowed an attacker to steal $3.2 million in tokens, according to reports. The core of the exploit happened due to a vulnerability in the design of the Spore token, which allowed the minting of 4.5 billion zabu that were successfully withdrawn from the platform, taking the value of the currency to 0.
Zabu Finance Suffers First Big Avalanche Hack
Zabu Finance, a yield farm decentralized protocol built on top of the Avax....
Mango Markets was victim to the latest exploit this week, as crypto cannot seem to escape an absolutely abhorrent Tuesday. Two exploits less than one day apart – and less than a week after the BNB Chain exploit that utilized a bridge to create millions of new BNB. Another nine-figure exploit has rocked the crypto sphere, this time with Solana-based Mango Markets. The protocol faced a massive drain of funds, over $100M worth, after a hacker drained the project through price manipulation and high-dollar leverage. Let’s look at this latest exploit and what we know in the early....
The decentralized autonomous organization (DAO) called Badgerdao has disclosed that it has “received reports of unauthorized withdrawals of user funds.” The analytics team Peckshield estimates that over $120 million was siphoned in the Badgerdao breach. Badgerdao Suffers $120 Million Exploit — Engineers Pause Smart Contracts According to the official Badgerdao Twitter account, the team has noticed reports of unauthorized withdrawals from the protocol’s system. “Badger has received reports of unauthorized withdrawals of user funds,” the team....
The last week of October turned bearish for the DeFi market despite the string of hacks, as the majority of the DeFi protocols registered bullish weekly gains. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.After the Mango Markets exploit last week, Compound protocol paused the supply of four tokens as lending collateral to protect it against any price manipulation.Crypto staking protocol Freeway said one of its trading strategies “appears to have failed,”....
Compound users can no longer use YFI, ZRX, BAT and MKR tokens as collateral for loans. Decentralized lending protocol Compound has paused the supply of four tokens as lending collateral on its platform, aiming to protect users against potential attacks involving price manipulation, similar to the recent $117 million exploit of Mango Markets, according to a proposal on Compound’s governance forum that was recently passed.With the pause, users will not be able to deposit Yearn.finance’s YFI (YFI), 0x’s ZRX, Basic Attention Token (BAT) and Maker’s MKR (MKR) as collateral to take loans.The....