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.
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 ...
Read moreDetailsArcadia 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 ...
Read moreDetailsSturdy 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 ...
Read moreDetailsJimbos 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 ...
Read moreDetailsThe 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), ...
Read moreDetailsScamSniffer, 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 ...
Read moreDetailsFor 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 ...
Read moreDetailsSince 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 ...
Read moreDetailsNFTs have taken the digital art and collectibles niche by storm. While the first-ever NFT, Quantum was created by Kevin McCoy on May 3, 2014, it was only in 2020 that NFTs caught mainstream attention. In 2020 and 2021, several high-profile sales were made which put the NFT space into ...
Read moreDetailsIntroduction The DeFi space has grown immensely in the past few years. The growth of DeFi has led to the launch of many DeFi protocols offering different financial services like lending/borrowing, derivatives, and payments. While lending platforms like Maker are the ones that started it all, the one category in ...
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