Crypto Whale Trashes DeFi

One of the most hyped aspects of Ethereum’s ecosystem, decentralized finance (DeFi), has been under the microscope over the past week after a double-whammy hack, with the same underlying exploit being used to steal assets from two DeFi platforms.

It began late last week when approximately $300,000 worth of Ether and imBTC, a tokenized version of Bitcoin, was swiped from a Uniswap market (notably not because of a bug in Uniswap’s protocol).

This hack inspired another attack, which was even bigger than the first. Just around 24 hours later, decentralized lending platform Lendf.me lost $25 million worth of cryptocurrencies, most of which was held in Ethereum and Tether.

The story has a happy ending: the money was returned by the hacker after he reportedly “doxed himself,” but it has still left many skeptical of DeFi.

Brave Ad

Read More…

As an Amazon Affiliate, Ethereum Nexus may earn from qualifying purchases