1 year ago
Welcome to Finance Redefined, your play dose of indispensable decentralized concern (DeFi) insights — a newsletter crafted to bring you important developments implicit the past week.
The past week’s header was dominated by immoderate of the biggest hacks successful DeFi. This week is redemption clip for galore DeFi protocols that either averted an attempted hack oregon got a important chunk of their stolen funds back.
The BitBTC span reportedly had a bug that would fundamentally let an attacker to mint fake tokens connected 1 broadside of the span and swap them for existent ones. However, 1 Twitter idiosyncratic was capable to foresee the vulnerability and informed the cross-bridge level astir it.
The Moola Market attacker has scored astir a half-million dollar “bug bounty” aft choosing to instrumentality a bulk of the cryptocurrency they exploited from the Celo-based lending protocol. Cryptocurrency marketplace shaper Wintermute repaid a $92 cardinal TrueFi indebtedness connected clip contempt suffering a $160 cardinal hack.
Mango Market hackers that returned a important chunk of the $117 cardinal stolen from the protocol could inactive look ineligible enactment contempt the protocol deciding to grant him a $50 cardinal bounty.
The apical 100 DeFi tokens remained bearish for different week, arsenic the bulk of the tokens traded successful red, barring a few. The full worth locked besides remained beneath $50 cardinal for the 2nd consecutive week.
Twitter idiosyncratic saves cross-chain span from imaginable exploit
A cross-chain span betwixt BitBTC and the Ethereum layer-2 web Optimism has been capable to debar a perchance costly exploit acknowledgment to the enactment of an eagle-eyed Twitter user.
The customized cross-chain bridge offers a ramp for users to send assets betwixt Optimism’s network and BitAnt’s DeFi ecosystem, which includes output services, nonfungible tokens (NFTs), swaps and the BitBTC token, successful which 1 cardinal BitBTC represents 1 Bitcoin (BTC).
Moola Market attacker returns astir of $9M looted for $500K bounty
An attacker has returned conscionable implicit 93% of the much than $9 cardinal worthy of cryptocurrencies they exploited from the Celo blockchain-based DeFi lending protocol Moola Market.
At astir 6:00 p.m. UTC connected Oct. 18, the Moola Market squad tweeted it was investigating an incidental and had paused each activity, adding it had contacted authorities and offered a bug bounty to the exploiter if funds were returned wrong 24 hours.
MangoMarket'ss exploiter said actions were ‘legal,’ but were they?
The $117 cardinal Mango Markets exploiter has defended his actions arsenic “legal,” but a lawyer suggests that they could inactive look the consequences.
Self-described integer creation trader Avraham Eisenberg outed himself arsenic the exploiter successful a bid of tweets connected Oct. 15, claiming helium and a squad undertook a “highly profitable trading strategy” and that it was “legal unfastened marketplace actions, utilizing the protocol arsenic designed.”
Wintermute repays $92M TrueFi indebtedness connected clip contempt suffering a $160M hack
When Wintermute, a cryptocurrency marketplace maker, mislaid $160 cardinal owed to a hack and concerns related to the repayment of indebtedness worthy $189.4 cardinal surfaced. However, successful an breathtaking crook of events, Wintermute paid backmost its largest indebtedness owed Oct. 15, involving a $92 cardinal Tether (USDT) indebtedness issued by TrueFi.
After repayment of TrueFi’s $92 cardinal loan, Wintermute inactive owes $75 cardinal to Maple Finance successful USD Coin (USDC) and wrapped Ether (wETH) and $22.4 cardinal to Clearpool, a full of $97.4 cardinal successful debt.
Binance delegates 13.2M UNI tokens, becoming Uniswap DAO’s second-largest vote-holder
Crypto speech Binance is present the second-largest entity by voting powerfulness successful the Uniswap DAO, sitting conscionable down the task steadfast Andreessen Horowitz, oregon a16z, according to the on-chain database of delegates.
On Oct. 18, Binance delegated 13.2 cardinal Uniswap (UNI) tokens from its books, which represents 5.9% of the voting powerfulness — a percent of tokens delegated to the exchange. Compared to the full proviso of UNI, the magnitude delegated represents 1.3%.
DeFi marketplace overview
Analytical information reveals that DeFi’s full worth registered different dip, with the full worth locked (TVL) falling beneath $50 cardinal astatine the clip of writing. Data from Cointelegraph Markets Pro and TradingView amusement that DeFi’s apical 100 tokens by marketplace capitalization had a mixed week, with the bulk of the tokens trading successful reddish connected the 7-day chart, barring a few.
Maker (MKR) continued its bullish momentum into the 3rd week of October, registering a 12% summation implicit the past 7 days, followed by Aave (AAVE) with a 10% play surge. Lido DAO (LDO) was different DeFi token that registered a 9.45% surge successful the play charts
Thanks for speechmaking our summary of this week’s astir impactful DeFi developments. Join america adjacent Friday for much stories, insight,s, and acquisition successful this dynamically advancing space.
English (US) 