Unsung hero saves DeFi protocol from potential exploit: Finance Redefined

Unsung hero saves DeFi protocol from potential exploit: Finance Redefined

Analytical data reveals that DeFi’s total value registered another dip, with the total value locked (TVL) falling below $50 billion at the time of writing. 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.The last week’s headline was dominated by some of the biggest hacks in DeFi. This week is redemption time for many DeFi protocols that either averted an attempted hack or got a significant chunk of their stolen funds back.The BitBTC bridge reportedly had a bug....


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Harmony Protocol Succumbs To DeFi Exploit, $100 Million Stolen

Another decentralized finance (DeFi) protocol has fallen prey to an exploit. The Harmony protocol had been gaining popularity among DeFi users over the last year as the DeFi space bloomed. But it has now suffered the same fate as many protocols in the space. On Friday, the protocol announced that it has been the victim […]

Compound pauses 4 tokens to avoid price manipulation: Finance Redefined

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,”....

Hacker tries to exploit bridge protocol, fails miserably: Finance Redefined

Majority of the DeFi tokens in the top-100 had a mixed week as several tokens traded in red while a few others managed to make double-digit 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.This past week, there were some major developments in the run-up to the upcoming Ethereum Merge slated for Sept. 15. Bitfinex became the latest crypto exchange to throw its support behind the chain split token.While DeFi bridge hacks have become a norm this year,....

$100 Million Liquidated on Defi Protocol Compound Following Oracle Exploit

Lenders on decentralized finance (defi) protocol Compound on Thursday got liquidated for a massive $103 million, according to analytics provider Loanscan. This happened after what appears to be an oracle exploit on the Dai stablecoin. An apparent error or malicious attack to the Dai-dollar-peg data supplied by the Coinbase oracle pushed the price of the stablecoin to about $1.30 – a premium of 30% – leaving some users on Compound under-collateralized. Compound gets its pricing data from Coinbase Pro. Now, once this happened, and based on the built-in protocol rules, this could....

Zabu Finance Suffers First Big Exploit in Avalanche Defi, Loses $3.2 Million

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....