Decentralized finance is a form of blockchain-based finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to provide traditional financial instruments, instead of relying on smart contracts on blockchains, the most common of which being Ethereum.
The European Securities and Markets Authority (ESMA), the EU's top financial regulator, has published a new report assessing the potential advantages and notable risks associated with the DeFi (Decentralized Finance) ecosystem. In the 22-page analysis, ESMA acknowledges the innovative aspects of DeFi in terms of financial accessibility, product diversity, and ...
Conic Finance, a DeFi protocol managed by Curve DEX, has suffered a significant exploit resulting in a hacker making away with 1700 ETH, valued at more than $3.2 million. Security experts from BlockSec revealed that the attacker exploited a reentrancy flaw within Conic Finance to drain funds from the protocol. ...
Luxury watches are now being used as collateral for DeFi loans via the integration of non-fungible tokens (NFTs). CirrusNFT, a pseudonymous NFT collector, shared a story on July 11, 2023, that highlighted how an anonymous borrower successfully secured a $35,000 loan on Arcade, a DeFi protocol for NFT lending. Coolest ...
Arcadia Finance, a non-custodial DeFi protocol, has been breached by a hacker who exploited a programming flaw and stole approximately $455,000 from the protocol. #PeckShieldAlert Our community contributor has detected that @ArcadiaFi has been exploited on both #Ethereum and #Optimism for ~$455K The exploiter on #Ethereum was frontrun by 0x5C75e94dD0Ab9c10BFd1B8073DafEF031D3c050dhttps://t.co/blGx5IEAkk ...
Sturdy Finance, a decentralized finance (DeFi) protocol, recently suffered a security breach that resulted in the loss of 442 ETH, equivalent to over $800,000. The breach was a result of a flaw in the protocol's price oracle, which allowed the hacker to exploit the vulnerability and drain funds from the ...
Jimbos Protocol has taken decisive action to address a recent exploit and mitigate its impact by offering a bounty for information that would lead to the arrest of the hacker behind the exploit. The platform offered a 10% reward of the stolen funds as an incentive. The exploit occurred on May ...
The US Department of Justice (DOJ) is stepping up efforts to combat illegal cryptocurrency activities by targeting hackers and exploiters of decentralized finance (DeFi) platforms. In response to a surge in such activities over the past four years, the department announced the establishment of the National Cryptocurrency Enforcement Team (NCET), ...
ScamSniffer, a web3 anti-scam service provider, has revealed that over $4 million has been stolen from cryptocurrency users worldwide through phishing websites promoted on Google. The service provider utilized data from Google Ads and blockchain analytic data to determine the alarming figure. 1/ 🚨 A recent surge in phishing scams ...
For decades, humans have been starved for options when it comes to availing of financial services. With DeFi, this comes to an end. While DeFi doesn’t remove the existing system, it offers users of financial services an improved and transparent version of traditional finance. DeFi projects aim to provide similar ...
Since the inception of Bitcoin more than a decade ago, the crypto and blockchain industry has come a long way. Before we were introduced to them, the financial sector relied on banks as central authorities to ensure the safety of our money. This system was plagued with an age-old infrastructure ...
