DeFI News by Thebittimes.Com

Blockchain security firm PeckShield reported that assets like stablecoins, ETH, SHIB, LINK and more were transferred from the bridge. Withdrawals and deposits have been suspended, and Justin Sun has said HTX will fully compensate users for any losses. Data shared by blockchain security platform PeckShield shows that more than $86.6 million in digital assets were transferred from the HECO Chain bridge to suspicious addresses. The security firm suggests that the bridge is compromised and an exploit is ongoing.  In response to the incident, Tron founder Justin Sun announced that HTX will fully compensate users for any losses incurred in the hack. The company has also temporarily suspended deposits and withdrawals as they investigate the incident. The executive said services will resume after the investigation is completed. HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX's hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All F...

Within these transactions, a significant portion of 7,749 ETH, equivalent to $13 million, was directed toward the Thorchain router and Railgun contract. According to recent information from Spot On Chain, an address linked to the FTX exploit , identified as 0x3e9, has conducted transfers exceeding 10,000 ETH, valued at more than $17.1 million, across five different addresses within the past day. It's worth noting that these addresses had remained inactive for several months before this recent activity. Within these transactions, a significant portion of 7,749 ETH, equivalent to $13 million, was directed toward the Thorchain router and Railgun contract. Furthermore, the exploit er engaged in a swap involving 2,500 ETH, valued at $4.19 million, converting it into 153.4 tBTC at an average rate of $27,281 per token. This address, which has recently become active, has exhibited noteworthy activity and is anticipated to continue transferring ETH, most likely to Thorchain. At the time of...

Most DeFi tokens traded in the red on weekly charts due to the chaos caused by the Curve Finance exploit. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The $47 million Curve Finance exploit on July 30 had a domino effect on the DeFi ecosystem , mainly due to the $100 million loan taken out by the Curve founder against the platform’s native Curve DAO (CRV) token. Several lending protocols have rushed in with new governance proposals to minimize CRV exposure risks as the token price fluctuates. On Aug. 3, the native stablecoin of the ecosystem crvUSD depegged due to market conditions. Being considered the backbone of the DeFi ecosystem , the Curve exploit could trigger a severe crisis. The Curve crisis also had a negative impact on the price of the DeFi tokens, with a majority trading in the red on the weekly charts. Curve Finance pools exploite...

Approximately $215 million of stolen assets have since been recovered. According to a June 30 report by Web3 security firm Beosin, the total value of crypto currencies lost in scams , hacks and rug pulls amounted to $656 million during the first half of 2023. This includes the loss of $471.43 million in 108 protocol attacks, $108 million in various phishing scams and $75.87 million over 110 rug pulls . For hacks , the amount represented a significant decrease over H1 2022 and H2 2022, where $1.91 billion and $1.69 billion were lost, respectively. In addition, Beosin analysts wrote: “Approximately $215 million of stolen assets were recovered, accounting for 45.5% of all stolen assets. In contrast, in 2022, only 8% were recovered. $113 million of stolen assets were transferred to mixers: $45.38M into Tornado Cash and $68.14M into other mixers." In a dashboard compiled by Beosin and Footprint Analytics, only one project was hacked for more than $100 million, that being Euler Fin...

The phishing message on Discord offered “the opportunity to re-claim an additional stake in Arbitrum DAO Governance” while citing issues during the initial token claim drive. The crypto community’s warning against fake Arbitrum (ARB) airdrops materialized as hackers managed to drop a phishing link into Arbitrum’s official Discord server.  On March 25, blockchain-focused security firm CetriK revealed the possibility of a phishing link being circulated via the Arbitrum Discord server. It is suspected that a hacked Discord account of one of Arbitrum's developers was used to share a fake announcement with a phishing link. #CertiKSkynetAlert We are seeing reports that a phishing link has been posted in the @arbitrum Discord Server. Do not click on any links until the team has confirmed they’ve regained control of the server.# Phishing #Discord Stay vigilant! pic.twitter.com/XoqHmOXGeV — CertiK Alert (@CertiKAlert) March 25, 2023 The phishing message on Discord offered “the opportu...

The DeFi market’s total value locked surpassed $50 billion for the first time in six months thanks to the bullish burst in the crypto market over the past week. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The United States Securities and Exchange Commission’s (SEC) crackdown on crypto-staking services could lead to uncertain consequences for the DeFi ecosystem. Cybercriminals used various methods to siphon funds through hacks and exploits in 2022, amounting to over $2.8 billion in losses. The second week of February saw the Platypus protocol exploited, leading to losses of $8.5 million. In another exploit-related update, the hacker behind Mango Markets wants to keep disputed funds paid as a bug bounty. The Financial Stability Board (FSB) stated that despite providing many novel services, DeFi does not differ substantially from traditional finance in it...