Decentralized exchange (DEX) Clipper experienced a security incident at 4 am UTC on December 1, targeting its liquidity pools on Optimism and Base. Chaofan Shou, co-founder of security firm Fuzzland, initially attributed the exploit to a private key leak, allowing the attacker to authorize deposit and withdrawal transactions. Clipper, however, has refuted this explanation, stating...Read More
In November 2024, hacks accounted for an overwhelming 99.96% of total losses. During the same period, fraud and rug pulls fell significantly, contributing to just $25,300 in total losses across two incidents. According to the latest report by Immunefi shared with CryptoPotato, decentralized finance (DeFi) was the primary victim, with $71 million in total losses...Read More
Leading DEX platform, Uniswap notched a new record in terms of monthly trading volume on Ethereum Layer 2 solutions, as DeFi users flocked back to the platform in droves. Data compiled from Dune Analytics shows that Uniswap recorded $38 billion in trading activity across major L2 networks, including Base, Arbitrum, Polygon, and Optimism. The November...Read More
Sky, the DeFi lending protocol that was formerly known as Maker, has rolled out its USDS stablecoin on the Solana blockchain. According to the official announcement, Sky said the launch positions USDS as “the first major DeFi-native stablecoin on Solana,” offering new avenues for borrowing, lending, and trading on the blockchain’s leading DeFi platforms. “Today’s...Read More
Leading decentralized finance (DeFi) protocol Aave has achieved a remarkable milestone, hitting $10 billion in active loans. It marks a 300% rise in lending activity from the start of the year when the figure stood at $3.4 billion. DeFi Renaissance Data from the on-chain DeFi tracking platform Token Terminal shows that in the last 30...Read More
Phantom, a Solana-based decentralized finance (DeFi) wallet, has issued an urgent update for its iOS app. This follows reports that a bug unexpectedly logged some users out of their accounts. The glitch prevented several iOS customers from accessing their wallets unless they had backed up their recovery phrases. Users Locked Out of Their Wallets “We’re...Read More
Animoca Brands – the Hong Kong-based Web3 giant – led the venture landscape in October, signaling broader ambitions across different sectors. Messari reported that Animoca made nine investments, surpassing other active entities such as CMS Holdings, which made seven, and Hack VC with six. Animoca Brands Pushes Venture Limits in October Traditionally known for its...Read More
The decentralized finance (DeFi) sector has experienced explosive growth over the years, but several challenges are causing slower institutional adoption. With its total value locked above $100 million, DeFi has yet to remove the strongholds preventing institutions from getting involved in the sector. Crypto market intelligence platform IntoTheBlock believes these challenges are multifaceted; hence, DeFi...Read More
Coinbase has announced the expansion of its wrapped Bitcoin product, cbBTC, to the Solana blockchain. Originally launched in September, cbBTC was initially available only on Ethereum and Coinbase’s native Layer 2 Base blockchain. Now on Solana, it will exist as a Solana Program Library (SPL) token, which can represent both fungible and non-fungible assets. Coinbase’s...Read More
EMURGO – the blockchain project advancing Web3 adoption on the Cardano blockchain – announced a strategic collaboration with BitcoinOS (BOS), a smart contract operating system built for Bitcoin. The latest move aims to provide Cardano DeFi users with access to Bitcoin’s capital, valued at $1.3 trillion, without relying on third-party intermediaries. The first technical collaboration...Read More
Radiant Capital has released a detailed analysis of the October 16 exploit that led to the loss of more than $50 million in user funds. According to the post-mortem, the attacker used highly advanced malware to poison transactions, enabling them to steal funds during a routine multi-signature process. Attack Methodology Exploited Common Errors It all...Read More
World Liberty Financial (WLF), the highly anticipated decentralized finance (DeFi) protocol backed by Donald Trump, kicked off its public token sale on Tuesday, raising approximately $11.49 million on its first day. This figure represents around 3.8% of the protocol’s ambitious $300 million fundraising target expected from the token’s first sale. Figures Fall Short of Projections...Read More
A recent cyberattack has led to an unsuspecting crypto investor reportedly losing 15,079 fwdETH, worth roughly $36 million. In the incident, described by security experts as a permit phishing scam, the bad actor tricked the user into unknowingly signing a malicious signature, which gave the thief full access to the individual’s funds. How it Happened...Read More
The number of hacks in Q3 2024 has dropped to its lowest point in three years, with only 28 incidents, across which a total of $463.6 million was stolen. However, the overall outlook remains concerning as there’s no chance of recovering over $440 million of the stolen funds. Worst Recovery Rates Ever According to the...Read More
A Coinshares report has revealed that the role of Ethereum (ETH) in crypto is being shaped by two main pillars: marketplaces and stablecoins. However, while the network is making waves in these areas, the path forward for new applications remains unclear. Decentralized Exchanges Dominate The report, released on September 24, indicated that marketplace and stablecoins...Read More
Just one day after surviving a second assassination attempt, Donald Trump officially launched his long-anticipated cryptocurrency project, World Liberty Financial (WLF), through a live X Space event. However, the launch has gotten criticism from the crypto community for its lack of substantive information about the project. Community Backlash In a recent video posted on X,...Read More
Donald Trump has set the launch date for World Liberty Financial, which will debut on September 16. This announcement follows hints from his family earlier this summer, as well as Trump’s previous vague descriptions of the project as a DeFi platform for borrowing and lending. Details of the Project In a video posted on X,...Read More
The person behind 2023’s Euler Finance hack has congratulated the Penpie exploiter after the latter moved the bulk of the funds they stole to Tornado Cash. The Penpie thief transferred the money even as the decentralized finance (DeFi) platform pleaded for the funds to be returned in exchange for a bounty. The $27M Penpie Protocol...Read More
A draft white paper obtained by CoinDesk reveals that 70% of the World Liberty Financial project governance token, WLFI, is reserved for insiders, including founders, team members, and service providers. The white paper also shows that WLFI will not be transferable until there’s regulatory clarity for such tokens. Token Allocation Former U.S. President Donald Trump...Read More
Decentralized Finance (DeFi) platform Penpie, built on the Pendle network, reportedly suffered a major exploit on September 3, 2024. According to the real-time on-chain monitoring system Cyvers Alert, the hack led to the loss of at least $26 million in various wrapped and synthetic crypto assets. Details of the Attack Emerge The security surveillance company...Read More
Maker, one of the first and largest DeFi lending protocols on Ethereum, has rebranded to “Sky” following key upgrades to its decentralized stablecoin system. That stablecoin, previously known as DAI, has also rebranded to USDS, and the MKR governance token has been changed to SKY. From MKR to SKY: What’s New? As announced over Twitter...Read More
Nexera, a DeFi protocol, has been affected by a smart contract security breach that resulted in the theft of $1.5 million worth of NXRA tokens. Following the incident, the value of the protocol’s native token plummeted by over 40%. $1.5 Million Stolen and NXRA Token Plummets 43% The exploit was first reported on August 7...Read More
Aave, a decentralized finance (DeFi) protocol, has demonstrated resilience in the face of a general crypto market downturn. The platform has generated $6 million in revenue amid the current market sell-off. Aave Withstands Market Turmoil Aave’s founder, Stani Kulechov, said in an August 5 post on X that the protocol successfully handled the overall stress...Read More
The decentralized finance (DeFi) sector is witnessing a resurgence, marked by growth in key metrics such as active loans and total value locked (TVL) from their 2023 lows. DeFi lending, an important component that enables investors to lend their crypto holdings in exchange for interest, is an indicator of DeFi participation and overall market health....Read More
The ZKX Protocol, a Crypto.com-backed decentralized exchange, has shut down due to economic challenges. Following the announcement, the ZKX token plunged by over 50% in the last 24 hours. ZKX Token Plummets Over 50% On July 30, co-founder Eduard Jubany Tur announced the discontinuation of the ZKX protocol. He expressed regret, stating that despite their...Read More
The decentralized finance (DeFi) platform LI.FI protocol has suffered an exploit amounting to over $8 million. Cyvers Alerts reported detecting suspicious transactions within the LI.FI cross-chain transaction aggregator. LI.FI Issues Warning After $8 Million Exploit LI.FI confirmed the breach in a statement on July 16 via X: “Please do not interact with any http://LI.FI powered...Read More
Scroll, a ZK rollup Layer 2 network, is up 23% over the past seven days to reach a TVL of $1.03 billion, according to L2Beat data. Meanwhile, the total value locked for all Ethereum Layer 2s is up 12.04% over the last week to reach $42.04 billion. Scroll Hits $1 Billion TVL Scroll has become...Read More
On July 11, blockchain security firm PeckShield reported that the website of Compound Finance (compound[.]finance) had been compromised. “Do not interact with the website until further notice,” it warned. The incursion was also reported by blockchain sleuth ‘ZachXBT’ on his investigations Telegram channel. The Compound Finance website seems to “potentially be hijacked,” he said before adding,...Read More
Losses from hacks and rug pulls in 2024 year-to-date amount to over $473 million across 108 incidents, according to Immunefi’s latest data. This marks a 20% decrease compared to the same period in 2023, which saw losses of more than $595 million. In May 2024, victims of hacks and fraud lost $52.4 million across 21...Read More
Crypto market intelligence provider IntoTheBlock published a report on Thursday comparing the best risk-adjusted methods to earn yield in the world of decentralized finance (DeFi). Despite the “nearly infinite number of composable strategies” the firm claims its most optimal to stick to “straightforward strategies,” that boil down to “only a handful of different primitives.” The...Read More
