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“# Beleaguered DeFi project xToken suffers second major exploit since May ” The decentralized finance project xToken has suffered another exploit over the weekend after hackers discovered a vulnerability in the smart contracts for its xSNX product. On Aug. 29, the xToken team reported that the attack had resulted in roughly $4.5 million worth of…
“# Hacked Liquid exchange receives $120M debt funding from FTX ” Japanese cryptocurrency exchange Liquid has secured $120 million in debt financing from FTX Trading after suffering a nearly $100 million hack last week. Announcing the news Thursday, Liquid Group and FTX Trading — the owner and operator of crypto exchange FTX — said that…
“# Coinbase users angry with customer support after funds disappear from accounts ” Coinbase is under fire for terrible customer service following reports of users accounts being hacked and drained of funds. According to an Aug. 24 investigation by CNBC, thousands of customers across the country have lodged complaints against the company. The outlet stated…
“# Digital intelligence must overcome challenges to solving crypto crimes ” While the value of cryptocurrencies has varied wildly in the last year, this has not diminished crypto’s attractiveness to criminals. Many of them are moving their illegal activities underground and outside the view of law enforcement. Because of the public nature of most blockchains,…
“# Poly Network offers to on board ‘Mr. White Hat’ as chief security advisor ” Decentralized finance protocol Poly Network has offered the person behind a $610 million hack an advisery position and $500,000 — whether they like it or not. In a Tuesday update, the Poly Network team said, in a seeming attempt to…
“# The perfect storm: DeFi hacks will advance the crypto sector moving forward ” The rise of decentralized finance, or DeFi, could be paving the way toward a fully decentralized financial ecosystem. Yet, given the innovative nature of DeFi, the sector remains in constant development and is therefore prone to a number of vulnerabilities. Unsurprisingly,…
“# Poly Network hack exposes DeFi flaws, but community comes to the rescue ” Although it seemed crypto hacks were on the decline, just recently, the market bore witness to one of the largest-ever attacks in the young history of decentralized finance (DeFi), wherein an unknown hacker was able to exploit a loophole in cross-chain…
“# How do DeFi protocols get hacked? ” The decentralized finance sector is growing at a breakneck pace. Three years ago, the total value locked in DeFi was a mere $800 million. By February 2021, the figure had grown to $40 billion; in April 2021, it attained a milestone of $80 billion; and now it…
“# DAO Maker crowdfunding platform loses $7M in latest DeFi exploit ” Hackers have stolen funds out of more than 5,000 user accounts with crowdfunding platform DAO Maker, a site aimed at raising money for crypto projects. According to a report from DAO Maker CEO Christoph Zaknun, hackers were able to remove roughly $7 million…
“# Poly Network hacker returns $258M, conducts AMA on how it went down ” The Poly Network hacker has now returned $258 million to the cross-chain DeFi protocol and conducted a question and answer session detailing how the initial hack went down. In what is being described as the largest DeFi hack to date, the…