DeFI News by Thebittimes.Com

The social media platform X account behind a new Ethereum (ETH) ‘restaking’ protocol has been compromised weeks after the token’s launch. According to PeckShieldAlert, the social media account belonging to EigenLayer (EIGEN) was hacked with a phishing link this morning. “EigenLayer X account has been compromised. Do*NOT* click the phishing link eligible-eigenfoundation[.]org” Source: PeckShieldAlert/X It is not yet known how many people fell victim to the phishers. According to DeFi Llama, the protocol is the second-largest project on Ethereum with over $11 billion in total value locked (TVL). The account promoted multiple phishing scam links before being shut down. The EigenLayer X account has since removed all tweets and has yet to comment on the situation. The post came in the form of a link to an airdrop invitation, which led users to a malicious site. EigenLayer is an Ethereum-based restaking protocol that launched earlier thi...

How can DeFi insurance protocols help combat the current vulnerabilities in decentralized platforms? The vast potential of decentralized finance (DeFi) is frequently overshadowed by the risks associated with crypto markets and decentralized platforms. The lack of reliable insurance policies leads to users becoming susceptible to losing funds in the event of hacks or exploits, which is happening more often as the DeFi ecosystem grows. The accelerated growth of the industry causes many DeFi projects to rush the security implementation of their infrastructure and conduct insufficient smart contract audits, resulting in vulnerable decentralized platforms. According to data aggregator CoinGecko, over $2.8 billion in cryptocurrency was stolen last year in a diverse range of malicious attacks targeting vulnerabilities in DeFi platforms; when one compares this with the $0.3 billion of TVL of the entire DeFi insurance category it is easy to see the need to scale DeFi insurance . There is no s...

Join Our Telegram channel to stay up to date on breaking news coverage Coinbase Ventures recently decided to increase its involvement with a liquid staking protocol known as Rocket Pool. It also joined Rocket Pool’s Oracle DAO (oDAO), which is a group of special node operators in the protocol ’s ecosystem who are in charge of performing certain extra duties for the project. NEW: Coinbase Ventures Joins Rocket Pool’s Oracle DAO $RPL — Altcoin Daily (@AltcoinDailyio) April 4, 2023 Coinbase Ventures itself is the investment branch of Coinbase — the largest centralized cryptocurrency exchange by trading volume in the United States. Its decision to join Rocket Pool and its Oracle DAO will allow it to receive a share of the 15% of total RPL inflation produced during each reward period. .@cbventures is one vote away from being added as a @Rocket_Pool oracle DAO node. I'm very excited to have Coinbase Ventures as an industry participant on the oDAO...