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I got a message from my colleague this afternoon which I thought summed up quite how torrid a time it has been for Solana recently. I have lost faith in it personally, I’m sure gains can be made, but I’m thinking it’s just been p*ss poor for too long now Michael Charalambous, Invezz This week […]
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The Harmony (ONE) team has announced a proposal that seeks to have victims of the Horizon bridge hack reimbursed using the blockchain network’s native token ONE. The reimbursement plan, the team said, is part of the Harmony team’s efforts to refund the $100 million hack victims. It is one of the ways the developers believe […]
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Last night we had a backend hack of the Mad Meerkat Finance project with over two million dollars stolen from wallets. Luckily the MMF finance has said they will pay back the funds that were stolen, so users wouldn’t have to worry. Users were warned early to please not do any transactions on the network […]
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Ronin Network, a cross-bridge chain that powers Axie Infinity, underwent one of the largest exploits. This resulted in a loss of 173,600 Ethereum and 25.5 million USDC, equivalent to more than $600 million. Since the breach occurred on 23 March, the stolen funds have flowed into FTX, Huobi, and Crypto.com, which have all vowed to […]
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Yearn.Finance team has opened a Maker vault with native tokens YFI from the treasury. The team said on 9 February on Twitter that Yearn has also minted 9.7 million DAI tokens from the vault, thus restoring the yDAI vault and allowing the DeFi project to repay victims.
In the wake of Yearn.finance’s recent hack, project members have been discussing ways to mitigate the aftermath of the recent exploit on its users. The DeFi project recently suffered a theft of $2.8 million and cost the vault $11 million in stablecoin DAI.
In addition, the Yearn team has informed users not to count on this happening again since the plans were “done as a one-off celebration.” Yearn also expects its users to purchase Cover, a market coverage provider.
yDAI vault restored!
Yearn has opened a Maker Vault with YFI from the Treasury to mint 9.7m DAI and make the yDAI vault whole.
It was done as a one-off celebration of going through this DeFi rite of passage. Don’t count on it happening again. Make sure to buy Cover next time. pic.twitter.com/6xNh3XEVYZ
— yearn.finance (@iearnfinance) February 9, 2021
On 28 December, last year, Cover suffered an attack, however, the suspected hacker soon returned the stolen funds.
After the exploit, Yearn’s governance token crashed by 15% in less than two hours, at the time. Users began to convert YFI into ETH and other tokens as well.
As a result, YFI prices fell to $29,600 from $35,000. During the present rally when most cryptos have been on a bullish trend, YFI seem to be recovering and was trading at $31,842, down 0.9% over the past hour, at press time.
The total value locked in Yearn has been steady so far, with $481.8 million in TVL, which has been up by 5.6% in the past 24 hours according to data from DeFi Pulse.
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Japanese Police have identified and remanded in custody 30 people for their involvement in illegal transactions worth $530 million in NEM tokens, associated with the Coincheck hack.
Three years ago, Japan-based crypto exchange Coincheck suffered a hack which resulted in the theft of 500 million NEM tokens that was transferred through nineteen accounts. According to reports, the team behind Coincheck said that NEM tokens were stored in a “hot wallet” instead of a “cold wallet.”
The exchange published 11 addresses where all of the stolen fund in crypto was held. The owner of the addresses remains unknown. However, the account is still available online today and has been labeled “coincheck_stolen_funds_do_not_accept_trades : owner_of_this_account_is_hacker.” The token’s developers ensured that exchanges would automatically reject funds connected to the hack by launching a tracking mechanism. However, following the CoinCheck hack, regulators in Japan moved to ban cryptocurrencies that offered a degree of anonymity.
According to local reports, police arrested two people accused in the case named Takayoshi Doi and Masaki Kitamoto, in March 2020.
The individuals involved in the case were nabbed after police traced transactions connected to the stolen crypto that was reportedly placed on the dark web at a 15% discount.
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Author: Refer to Source Alisha Roy
Decentralized platform Warp Finance has suffered a major hack, as the newly launched company loses $7.7million worth of DAI and USDC stablecoins.
The hacker withdrew the said amount from the platform using a flash credit scheme. The loan scheme allows the users to get short-term loans without collateral as long as the loan is repaid immediately in one block. This is not the first time cybercriminals have used this handy feature to steal funds from platforms this year.
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The team behind Warp Finance have confirmed the incident and advised users to stop placing deposits on the platform until the circumstances are controlled.
Yesterday evening, the community members noticed irregular activities on the Warp Finance protocol. An unknown user used the flash loan scheme to drain the DAI and USDC vaults of the protocol through multiple transactions.
The hacker utilized a complex scheme to retrieve a value much higher than the collateral limit, making the lender lose money.
The Warp Finance team assured users that the team will replace the majority of the stolen funds and they shouldn’t be worried. The team claims there is about $5.5 million worth of tokens lying around in a collateral vault, and the team plans to use the money to cover the losses.
The growing decentralized finance (DeFi) space has been a subject of the latest hacking attacks The hackers are taking advantage of the significant growth of the DeFi space which has garnered billions of dollars stacked in multiple protocols. It has attracted hackers who are using every single opportunity or loophole to attack and steal funds.
The platform was launched only 9 days ago. It enables users to deposit crypto assets in exchange for stablecoins.
If the company succeeds in recovering funds, it plans to return them to affected users. However, there will still be about a $2.2 million loss to users after the recovery. Warp Finance has promised it will work on something that will compensate those clients, but not immediately.
In what might be an important step towards the maturation of the decentralized insurance space, a claim was filed yesterday with DeFi insurance protocol Cover following the $19 million Dai hack of Pickle Finance — and so far, the majority of users want to see a payout happen.
According to the claim on Cover’s website filed Nov. 21, there have been 99 votes at the time of publication throwing roughly 9,800 COVER tokens — more than 99% of respondent tokens — behind a “yes” vote to pay out affected coverage holders. Ivan Martinez, a technical advisor for Cover, said on Twitter that should the vote pass, the claim will move to its Claim Validity Committee “to decide if it’s valid for a payout or not.”
$COVER Protocol needs $COVER holders to head to the snapshot page to vote for the claim on $PICKLE finance.
So far it seems a resounding yes to be paid out. https://t.co/P8nl5NgpiW https://t.co/VTnIi3HZ2O
— DeFi Ted (Bakes) (@DeFi_Ted) November 21, 2020
Although the hacker absconded with roughly $19 million in Pickle user funds, Cover clarified that any payout was not going to cover the entirety of the loss. In an interview with Cointelegraph, semi-anonymous and core Cover developer Alan said that after CVC approval, “all PICKLE CLAIM token holders will be able to redeem 1 CLAIM token for 1 DAI,” assuming the Claim Validity Committee, or CVC, approves a 100% payout to holders, as Alan expects.
There are currently over 340,000 Pickle CLAIM tokens outstanding, where they trade on secondary markets for $0.90. Alan pointed out that this could lead to some “arbitrage opportunities” for traders who expect the proposal to pass.
Pickle’s claim is one of the first test cases for a decentralized insurance protocol using a blockchain snapshot to vote on coverage. As many in the crypto space have been affected by hackers taking advantage of exploits since the DeFi boom began, the response on social media has been supportive of a payout, but also skeptical.
Many are concerned about what Cover will decide because yesterday’s attack on Pickle did not use a flash loan attack — a common tactic for hackers targeting DeFi protocols — but rather a maligned tool which some claim resembles more of an exit scam. The hackers were able to swap funds between a malicious copycat contract and Pickle’s yield-bearing vault — called the cDAI jar — leading to users noticing the jar had been emptied.
Under Cover’s guidelines, the project states it will pay out claims from exploits or certain attacks on smart contracts — specifically referencing flash loan attacks — resulting in “a material loss of funds from the smart contract, or smart contract system with funds either moved to another address which the original owner or owners do not control or the funds are made permanently irrecoverable.”
No matter what conclusion Cover ultimately reaches, its decision will have ramifications for the DeFi community. In addition to Pickle Finance, hackers have targeted several DeFi protocols this year resulting in the loss of millions in funds, from Harvest Finance, Value, Akropolis, Cheese Bank, and Origin, to name a few. A robust selection of insurance protocols such as Cover may help mitigate the fallout from such attacks.
Said Cover’s Alan:
“I think DeFi coverage is essential for mass adoption of these protocols. Some of these protocols that people are creating will change the financial industry for good, but since we are especially early, there are many attack vectors present, and many more unknown. Our job is to allow users to experiment with game-changing protocols while also remaining hedged against exploit risk.”
Voting on Pickle’s claim will end on Nov. 23 at 11:59 AM EST.
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Author: Refer to Source Cointelegraph By Turner Wright
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