Finance Redefined: Hacker bungles DeFi exploit, dYdx's decentralization goals, and more
The decentralized finance (DeFi) ecosystem was filled with ups and downs —mostly the latter— this week, with two very distinct hack attempts and a heartbreaking departure of a DeFi veteran.
In this week’s newsletter, we will also look at derivative exchange dYdX’s plans to go fully decentralized by the end of the year. The price momentum of the DeFi tokens remained neutral, with several tokens registering a bullish surge. However, the market volatility meant many of them couldn’t hold onto those gains.
Hacker bungles DeFi exploit: Leaves stolen $1M in contract set to self destruct
In a rare comedic bungle among DeFi exploits, an attacker has fumbled their heist at the finish line leaving behind over $1 million in stolen crypto. Blockchain security and analytics firm BlockSec shared on Thursday that it had detected an attack on a little-known DeFi lending protocol called Zeed, which styles itself a “decentralized financial integrated ecosystem.”
The attacker exploited a vulnerability in the way the protocol distributes rewards, allowing them to mint extra tokens which were then sold, crashing the price to zero but netting just over $1 million for the exploiter.
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Derivatives exchange dYdX to become ‘100% decentralized by EOY’
Ethereum layer-2-based crypto derivatives trading platform dYdX has vowed to become “100% decentralized by EOY” via the protocol’s v4 update.
At present, only certain components of dYdX are decentralized including its Ethereum smart contracts, governance and staking. However, its “order book and matching engine” are managed by dYdX Trading Inc. — the team that developed the platform.
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Andre Cronje sees a ‘necessity for regulation’ ahead of crypto’s new era
Andre Cronje, former
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