Kokomo Finance Developers Accused of $4M 'Exit Scam'
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Decentralized Exchange GMX Connects to Chainlink's Low-Latency Oracles
09.12.2015A bug in a token issued by decentralized finance (DeFi) protocol Yearn Finance was exploited this morning, leading to millions of dollars in losses. The exploit occurred on Aave version 1, and the losses could total over $11 million, with the stolen assets being spread over U.S. dollar-pegged stablecoins dai (DAI), tether (USDT), USD coin (USDC), Binance USD (BUSD), and tru USD (TUSD).nnAccording to security firm PeckShield, the exploit was caused by a misconfigured yUSDT token, which allowed the attacker to mint over 1.2 quadrillion yUSDT using a $10,000 initial deposit. This was then used to trick the Yearn Finance protocol into cashing out millions in stablecoins. nnAave developers have clarified that the protocol was not directly impacted and that the exploit was mainly due to the misconfigured yUSDT token. The current size of v1 is $18 million, and the current size of the Aave safety module is $382.50M. Version 2 and version 3 of Aave were not impacted at writing time. nnThe exploit is the latest in a series of high-profile hacks and exploits in the cryptocurrency space, with over $67 million in crypto lost to hacks and exploits in February alone, according to a report by Immunefi. nnThe incident highlights the risks associated with decentralized finance and the importance of proper security measures to protect against exploits and hacks. It also underscores the need for ongoing monitoring and updates to ensure the security of DeFi protocols and their users.
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Merlin DEX Drained of $1.8M During Public Token Sale Despite 'Audit'
09.12.2015Crypto exchange aggregator 1inch is considering a governance shakeup that would reduce the voting power of insiders, including core contributors, investors, and other token holders. The proposed changes would treat v1inch tokens, a derivative token redeemable for 1inch, exactly like the protocol's staked tokens (st1inch) for voting purposes, granting greater sway to the broader community of token holders. The move aims to weaken the voting power of insiders who have received their full allotment of v1inch tokens, while v1inch tokens that remain locked up for two years or longer would retain 100% of their voting weight. The proposal has not yet gone to a vote. 1inch's governance token was trading at 56 cents at press time Friday, having slid just under 2% in the past 24 hours.
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Blur and Arbitrum Lead Altcoin Surge as Traders Anticipate Bull Run
09.12.2015The native token of decentralized exchange (DEX) aggregator 1inch (1INCH) rose by more than 58% before receding on Monday as trading volume hit $597 million, its highest level since October, 2021. Coupled with a spike in trading volume, $3.37 million in leveraged 1inch short positions on have been liquidated over the past 24-hours, according to CoinGlass. The open interest, which measures the nominal amount of open derivatives positions, has risen from $14 million to $125 million across 1inch trading pairs, suggesting that the rally has been spurred by futures markets. This creates a fragile market dynamic as market depth, a metric used to assess liquidity over a 2% spread, remains relatively low compared to trading volume. Buy-side market depth of 1inch on Binance is currently $226,272, according to CoinMarketCap. Spot sellers can capitalize on the leveraged trading activity to prompt a cascade of long position liquidations. One particular 1inch investor appears to be deploying that trading strategy, with blockchain sleuth lookonchain noting that an investor sent 7 million tokens worth $3.7 million to Binance with price proceeding to fall by 4.4% in the following minutes. 1inch is currently trading at $0.505, it remains up by 23.8% in the past 24-hours despite losing some of its gains on Monday morning. Between 9:00am UTC on Sunday and 9:00am UTC on Monday, 1inch was up 58.26%, according to TradingView.
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