{"id":435919,"date":"2022-04-22T23:45:00","date_gmt":"2022-04-22T20:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/finance-redefined-hacker-bungles-defi-exploit-dydxs-decentralization-goals-and-more\/"},"modified":"2022-04-22T23:45:00","modified_gmt":"2022-04-22T20:45:00","slug":"finance-redefined-hacker-bungles-defi-exploit-dydxs-decentralization-goals-and-more","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/finance-redefined-hacker-bungles-defi-exploit-dydxs-decentralization-goals-and-more\/","title":{"rendered":"# Finance Redefined: Hacker bungles DeFi exploit, dYdx&#8217;s decentralization goals, and more"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2905ffdfd4d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2905ffdfd4d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-hacker-bungles-defi-exploit-dydxs-decentralization-goals-and-more\/#%E2%80%9D_Finance_Redefined_Hacker_bungles_DeFi_exploit_dYdxs_decentralization_goals_and_more_%E2%80%9C\" >&#8221; Finance Redefined: Hacker bungles DeFi exploit, dYdx&#8217;s decentralization goals, and more &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Finance_Redefined_Hacker_bungles_DeFi_exploit_dYdxs_decentralization_goals_and_more_%E2%80%9C\"><\/span>&#8221; Finance Redefined: Hacker bungles DeFi exploit, dYdx&#8217;s decentralization goals, and more &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The decentralized finance (DeFi) ecosystem was filled with ups and downs \u2014mostly the latter\u2014 this week, with two very distinct hack attempts and a heartbreaking departure of a DeFi veteran.\u00a0<\/p>\n<p>In this week\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter, we will also look at derivative exchange dYdX\u2019s 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\u2019t hold onto those gains.<\/p>\n<p><strong>Hacker bungles DeFi exploit: Leaves stolen $1M in contract set to self destruct<\/strong><\/p>\n<p>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 \u201cdecentralized financial integrated ecosystem.\u201d<\/p>\n<p>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.<\/p>\n<p>Continue reading<\/p>\n<p><strong>Derivatives exchange dYdX to become \u2018100% decentralized by EOY\u2019<\/strong><\/p>\n<p>Ethereum layer-2-based crypto derivatives trading platform dYdX has vowed to become \u201c100% decentralized by EOY\u201d via the protocol\u2019s v4 update.<\/p>\n<p>At present, only certain components of dYdX are decentralized including its Ethereum smart contracts, governance and staking. However, its \u201corder book and matching engine\u201d are managed by dYdX Trading Inc. \u2014 the team that developed the platform.<\/p>\n<p>Continue reading<\/p>\n<p><strong>Andre Cronje sees a \u2018necessity for regulation\u2019 ahead of crypto\u2019s new era<\/strong><\/p>\n<p>Andre Cronje, former Fantom Foundation technical adviser and Yearn.finance founder, resurfaced on Monday via Medium after announcing his departure from the DeFi and crypto space last month. In a post titled \u201cThe rise and fall of crypto culture,\u201d Cronje expressed his lamentations of crypto culture as he called for increased regulation and legislation in the industry.<\/p>\n<p>The top highlight in the post is the phrase: \u201cCrypto culture has strangled crypto ethos.\u201d According to Cronje, he has a \u201cdisdain\u201d for crypto culture but a \u201clove\u201d for crypto ethos. He explained that the culture, which prioritizes \u201cwealth, entitlement, enrichment and ego,\u201d has suppressed the principles of \u201cself-sovereign rights, self custody and self-empowerment.\u201d <\/p>\n<p>Continue reading <\/p>\n<p><strong>Beanstalk Farms loses $182M in DeFi governance exploit<\/strong><\/p>\n<p>Credit-based stablecoin protocol Beanstalk Farms lost all of its $182 million collateral from a security breach caused by two sinister governance proposals and a flash loan attack.<\/p>\n<p>The problem with the protocol was seeded by suspicious governance proposals BIP-18 and BIP-19, which were issued on Saturday by the exploiter, who asked for the protocol to donate funds to Ukraine. However, those proposals had a malicious rider attached to them that ultimately created the sinkhole of funds from the protocol, according to smart contract auditor BlockSec.<\/p>\n<p>Continue reading <\/p>\n<p><strong>DeFi market overview<\/strong><\/p>\n<p>Analytical data reveals that DeFi\u2019s total value locked remained almost unchanged compared to the last week, registering a minor dip of $200 million to sit around $124.8 billion. Data from Cointelegraph Markets Pro and TradingView reveals that DeFi\u2019s top 100 tokens by market capitalization registered a week filled with volatile price action, with many getting back in the green.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/10fa9255-4e40-42b2-a1e8-5fff43c8ee2f.png\"><\/figure>\n<p>The weekly performance of several tokens saw a bullish surge in double digits, barring a few tokens that remained in the red. In the top-100 DeFi list, 0x (ZRX) was the biggest gainer with a surge of 22.5% over the past week, followed by PancakeSwap (CAKE) with a 16.85% surge. Terra (LUNA) bulls also made a comeback with a 15% surge in the last week.<\/p>\n<p><strong>Before you go!<\/strong><\/p>\n<p>Another update on Axie Infinity\u2019s stolen funds: Binance has frozen nearly $5.8 million of the stolen funds after the hacker group tried to move it using 86 accounts. Binance CEO Changpeng Zhao wrote earlier today:<\/p>\n<blockquote><p>\u201cThe DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it was made to Binance, spread across over 86 accounts. $5.8M has been recovered. We [have] done this many times for other projects in the past too.\u201d<\/p><\/blockquote>\n<p><em>Thanks for reading our summary of this week\u2019s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/finance-redefined-hacker-bungles-defi-exploit-dydx-s-decentralization-goals-and-more\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Finance Redefined: Hacker bungles DeFi exploit, dYdx&#8217;s decentralization goals, and more &#8220; The decentralized finance (DeFi) ecosystem was filled with ups and downs \u2014mostly the latter\u2014 this week, with two very distinct hack attempts and a heartbreaking departure of a DeFi veteran.\u00a0 In this week\u2019s newsletter, we will also look at derivative exchange dYdX\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":435920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvMTgwY2IyODItZGUyYi00MWQxLWI3MDgtODI3MGQ4MTU2Y2YyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74877,99002,74868,74882,70944],"class_list":["post-435919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-decentralized-exchange","tag-decentralized-marketplace","tag-defi","tag-hacks","tag-hackers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=435919"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/435920"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=435919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=435919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=435919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}