Ari Redbord, currently TRM Labs head of legal and government affairs, says cracking down on hacks in crypto will require hardening cyber defenses. Source
DeFi Platforms Need to Beef Up Security, Former Prosecutor Says
Tag: DeFi
Midas Investments close down amid $63M DeFi portfolio deficit
Custodial CeDeFi investment platform Midas will close down its operations because of a $63.3 million deficit in its decentralized finance (DeFi) portfolio. In an announcement, the company’s founder and CEO Iakov Levin also known as “Trevor” wrote that the move is partly because the fund’s DeFi portfolio lost $50 million, which is 20% of its $250 million assets under management (AUM). In addition, Levin also highlighted that the collapse of the Terra, FTX exchange and Celsius contributed to their struggles. The Midas founder noted that their users withdrew 60% of…
Solana DeFi Project Mercurial to Relaunch as ‘Meteora,’ Replace MER Token
When, hours after FTX Group declared bankruptcy in November, a hacker sacked the exchange’s ruins, they also snagged a major haul of MER tokens then worth $800,000. That heist gave Mercurial’s team a pretext to revamp the entire protocol, Chow said. (The hacker’s address is being blacklisted from the airdrop, as are all associated with FTX.) Source
DeFi Is the Way Forward, but It Needs to Evolve
The recent events in the crypto markets have reaffirmed the value proposition of decentralized finance (DeFi) as one of the core building blocks of the future of digital assets. However, the DeFi space has also been impacted by the changes in the market because many of the top participants in DeFi have effectively disappeared. This combination of events creates a very strong friction for the future of DeFi. In some ways, the challenges with centralized financial (CeFi) institutions should favor the adoption of DeFi protocols. On the other hand, the…
Bitget Introduces MegaSwap for a Re-Invented DeFi Experience – Press release Bitcoin News
press release PRESS RELEASE. Seychelles, December 26, 2022 – Leading global cryptocurrency exchange, Bitget launches “MegaSwap“, a new feature on its platform that enable the platform’s users to trade or swap their digital assets for over 10,000 cryptocurrencies on a DeFi environment. With a MegaSwap account, users can gain access to trade through eight influential chains and 10 important DEXs while staying on Bitget’s platform. The feature bridges the freedom and variety of DeFi with the security and convenience of CeFi, enabling users to enjoy the best of both worlds.…
Hackers drain $8M in assets from Bitkeep wallets in latest DeFi exploit
While many are still enjoying the holiday season, hackers are hard at work, draining around $8 million in an ongoing BitKeep wallet exploit. On Dec. 26, some users of the multichain crypto wallet BitKeep reported that their funds were being drained and transferred while they were not using their wallets. In their official Telegram group, the BitKeep team confirmed that some APK package downloads have been hijacked by some attackers and have been installed with code that was implanted by hackers. They wrote: “If your funds are stolen, the application…
DeFi flash loan hacker liquidates Defrost Finance users causing $12M loss
Defrost Finance, a decentralized leveraged trading platform on Avalanche blockchain, announced that both of its versions — Defrost V1 and Defrost V2 — are being investigated for a hack. The announcement came after investors reported losing their staked Defrost Finance (MELT) and Avalanche (AVAX) tokens from the MetaMask wallets. Moments after a few users complained about the unusual loss of funds, Defrost Finance’s core team member Doran confirmed that Defrost V2 was hit with a flash loan attack. At the time, the platform believed that Defrost V1 was not impacted…
Privacy Coins Take a Beating This Year Losing Over $6 Billion, Anonymity Takes a Back Seat to Defi, NFTs – Altcoins Bitcoin News
The last 12 months have been tough on digital currency investors as the crypto winter has caused a large sum of value to leave the once-bustling economy. The privacy coin economy, for instance, shed more than 55% against the U.S. dollar as it dropped from $11.7 billion in Jan. 2022 to the current $5.22 billion. Privacy Economy Loses 55% Against the Greenback, European Union Looks to Ban Anonymizing Cryptos Privacy coins are not talked about like they used to be. These days, the hype and discussions surrounding decentralized finance (defi)…
Bridge attacks will still pose major challenge for DeFi in 2023: Security experts
Security has been a critical challenge for decentralized finance (DeFi) and its evolution. Between 2020 and 2022, hackers stole over $2.5 billion through vulnerabilities on cross-chain bridges, Token Terminal data shows. Compared to other security breaches, this is a substantial amount. Issues with bridges have a root cause: All of them have an “inherent vulnerability,” Theo Gauthier, founder and CEO of Toposware, told Cointelegraph. According to Gauthier, no matter how secure a bridge is on its own, it is “entirely reliant on the security of the chains it connects,” meaning that…
DeFi Derivatives Trading Has Untapped Potential
DeFi options will continue to see exponential growth due to their dynamic nature, massive investment prospects and, soon, ease of access and use. There are currently many competing models, and certainly many questions still loom large, especially with regard to regulation. Yet, as things mature we can expect to see the barriers fall. More investors will see DeFi for the next evolution in our economy that it truly is. Options trading will help drive this adoption, because as an investment strategy it offers immense utility to institutions and retail traders…