Analytical data uncovers that DeFi’s all out total value another plunge, with the absolute worth locked (TVL) falling below $50 billion at the writing.
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter created to bring you significant developments over the last week.
The last week’s headline was overwhelmed by the biggest hacks in DeFi. This week is redemtion time for the many DeFi protocols that either deflected an attempted hack or got a huge piece of their stolentaken funds back.
The BitBTC bridge supposedly had a bug that would essentially allow to mint mint tokens on one side of the bridge and swap them for genuine ones. Nonetheless, one Twitter user had the option to forseethe the vulnerablity and informed the cross-bridge platform about it.
The Moola Market attacker has scored about a half-million dollar “bug bounty” subsequent to deciding to return a larger part of the cryptocurrency they took exploited from the Celo-based lending protocol. cryptocurrency market maker Wintermute repaid a $92 million TrueFi loan on time in spite of suffering a $160 million hack.
Mango Market hackers that returned a huge chunk of the $117 million stollen from the protocol might in any case legal action despite the protocol deciding choosing to award him a $50 million bounty.
The top 100 DeFi tokens remained bearish for one more week, as most of the tokens traded in red, barring a few. The total value locked also remained below$50 billion for the second consective week.
Twitter user saves cross-chain bridge from potential exploit
A cross-chain bridge among BitBTC and the Ethereum layer-2 network Idealism has had the option to stay away from a possibly expensive endeavor thanks to crafted by an extremely observant Twitter client.
A cross-chain bridge among BitBTC and the Ethereum layer-2 network Idealism has had the option to stay away from a possibly expensive endeavor thanks to crafted by an extremely observant Twitter client.
The custom cross-chain bridge offers a ramp for clients to send asset between Optimism’s network and BitAnt’s DeFi ecosystem, which incorporates yield services, nonfungible tokens (NFTs), trades and the BitBTC token, in which 1 million BitBTC represents 1 Bitcoin.
Moola Market assailant returns a large portion of $9M plundered for $500K bounty
An attacker has returned quite recently more than 93% of the more than $9 million worth of cryptocurrency they took advantage of from the Celo blockchain-based DeFi lending protocol Moola Market.
An attacker has returned quite recently more than 93% of the more than $9 million worth of cryptocurrency they took advantage of from the Celo blockchain-based DeFi lending protocol Moola Market.
At around 6:00 pm UTC on Oct. 18, the Moola Market team tweeted it was researching an episode and had stopped every type of effort, adding it had reached specialists and offered a bug bounty to the exploiter in the event that assets were returned in 24 hours or less.
MangoMarket’ss exploiter said activities were ‘legitimate,’ however would they say they were?
The $117 million Mango Markets exploiter has safeguarded his activities as “legitimate,” however a legal counselor recommends that they may as yet confront the outcomes.
Self-described digital art dealer Avraham Eisenberg outed himself as the exploiter in a progression of tweets on Oct. 15, claiming he and a team embraced a “highly profitable trading strategy” and that it was “lawful open market activities, involving the convention as planned.”
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