Tag Archives: defi

The Optimism bridge supporting privacy coin BitBTC is actively being exploited for 200 billion BitBTC tokens.  Due to the technicals of the hack, the BitBTC team now has less than 7 days to implement an upgrade to minimize the damages. A Poorly Designed Bridge According to Arbitrum tech lead Lee Bousfield on Twitter, the BitBTC bride contained a “critical exploit” that left it “trivially vulnerable.” It involves the bridge’s relationship between Ethereum’s layer 1 (L1)...

Binance has announced a pause across the entire Binance Smart Chain (BSC or BNB Chain) following what appears to be one of the largest exploits in DeFi history.  An attacker has reportedly hacked another BNB chain user for 2 million BNB, worth $600 million.  Another DeFi Catastrophe According to BNB Chain on Twitter, the “temporary” pause is due to “irregular activity,” and a “potential exploit.” “All systems are now contained, and we are immediately investigating the...

Sovryn – a Bitcoin-based decentralized finance protocol – was drained of over $1 million in funds on Tuesday using a price manipulation exploit.  The attack allowed the culprit to drain over $1 million worth of crypto from the protocol, including 44.93 RBTC and 211,045 USDT. Sovryn’s First Hack According to Sovryn’s blog post on the topic, the attacks specifically targeted the legacy Sovryn Borrow/Lend protocol. It impacted the RBTC and USDT lending pools.  RBTC and USDT are...

Bit Panda – a financial technology firm based in Vienna, Austria – has stated that it’s going to be reverting back to the ways of traditional finance (or tradfi) in coming weeks and months and somewhat step away from the cryptocurrency and defi spaces. Bit Panda Wants a More Traditional Route The digital currency arena hasn’t been doing too well as of late. The price of bitcoin, for example, was trading at a new all-time high of about $68,000 per unit in November of last...

On Tuesday night, an Ethereum MEV bot gained 800 ETH through the use of clever arbitrage, only to lose all of it and more to a hacker an hour later. Here’s how the situation played out on-chain: The event began with a third-party trader mistakenly losing nearly $2 million to spreads on Uniswap v2 trade. While he initially traded in 1.8 million cUSDC, he only received 518 USDC in return.  According to Flashbots Product Lead Robert Miller, this only created a “massive arbitrage...

Some blockchain projects have to deal with hackers, and others, like Alcala, have to deal with their own developers. A “human error” a few weeks ago almost killed the whole project. Still, thanks to the mutual effort of the community and the developers, the problem has been solved —kind of. On September 26, Acala network announced the reactivation of its operations after having recovered $2.970 million in aUSD of the $3.022 million its teammistakenly printed in August. The...

UK-based crypto market maker Wintermute suffered a loss of approximately $160 million. In a series of tweets, the company’s founder and chief executive, Evgeny Gaevoy, revealed that the decentralized finance operations had been compromised. The centralized finance and over-the-counter verticals have not been affected. Blockchain security expert Certik recorded that $162,509,665 had been stolen over 13 transactions and speculated that the exploit could have resulted from a...

The once notoriously high yields provided by crypto lending services are now struggling to compete with more traditional, safer options. While yields for 3-month treasury bills slowly rise, AAVE’s lending rates on USDC have slumped massively since May. Rates for the two products have now crossed one another, meaning government debt is offering a better payout than its decentralized competition. High Risk, Low Reward? According to data provided by Bloomberg and Aavewatch, USDC...

Blockchain analysis firm Chainalysis has put out a recent report claiming that from the beginning of the year up through July, just under $2 billion in crypto funds have been stolen by hackers and cyberthieves around the world. Chainalysis Discusses Ongoing Crypto Theft Losses from crypto hacks surged by more than 60 percent in just the first seven months of 2022 alone. Many of these funds were stolen from decentralized exchanges given that they are far less regulated...

Mit dem „Merge“ genannten Umstieg der Ethereum-Blockchain auf ein neues Validierungsverfahren wird ein großer Teil der Kryptowirtschaft nachhaltiger – und leistungsfähiger. Es wird nicht nur ein gewaltiger Energieverbrauch abgeschaltet. „Das Ethereum-Netzwerk wird wesentlich schneller und günstiger“ sagt Hartmut Giesen, Krypto-Experte bei der Hamburg Sutor Bank. „Ether kann deshalb mittelfristig den Bitcoin als wichtigste Kryptowährung ablösen.“ Das zeigen auch die Transaktionszahlen....