Curve Finance solves website exploits, directs users to cancel recent deals: Finance Redefined

Curve Finance solves website exploits, directs users to cancel recent deals: Finance Redefined – Mail Bonus

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Welcome to Finance Redefined, your weekly dose of essential insights into decentralized finance (DeFi) – a newsletter designed to bring you the key developments of the past week.

Last week, the bridge protocol became the center of the DeFi debate as a new report revealed that RenBridge was used to launder $540 million in stolen funds. Curve Finance, on the other hand, took down its site and directed users to cancel all recent contracts.

Interlay, a London-based blockchain company, launched a Bitcoin (BTC) based cross-chain bridge on Polkadot called interBTC (iBTC), DeFi platform Oasis.app says that authorized addresses will no longer have access to the application.

The majority of the top 100 DeFi tokens saw a fresh increase in bullish momentum along with the rest of the market, with several of the tokens registering double-digit gains on the weekly charts.

Curve Finance solves website exploits, directs users to cancel recent deals

On August 9, auto trader Curve Finance took to Twitter to warn users of abuse on its site. The team behind the protocol noted that the issue, which appeared to be an attack from a malicious actor, affected the name server and front end of the service.

Curve said via Twitter that its exchange – which is a separate product – appeared to be unaffected by the attack, as it uses a different DNS provider.

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Cross-chain bridge RenBridge Laundered $540M in Hacking Profits: Oval

Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic claims they were used to launder over half a billion dollars in ill-gotten crypto assets.

According to a new report, crypto bridge RenBridge facilitated the laundering of at least $540 million in criminal proceeds since 2020 through a process called chain hopping — converting one type of cryptocurrency into another and moving it across multiple blockchains.

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Interlay introduces a trustless BTC stablecoin bridge to Polkadot

Interlay, a London-based blockchain company, launched a BTC-based cross-chain bridge on Polkadot. Dubbed interBTC (iBTC), the bridge allows the use of Bitcoin on non-native blockchains for DeFi, cross-chain transfers and non-fungible tokens (NFTs), among others.

interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of hyper-collateralized vaults, which, according to Interlay, resembles MakerDAO’s Dai (DAI) token, a stablecoin on the Ethereum blockchain.

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DeFi platform Oasis to block wallet addresses deemed at risk

According to a new Discord community post on August 11, DeFi platform Oasis.app says that verified addresses will no longer have access to the app.

Due to changes to the Terms of Service, it is prohibited to use Oasis.app to manage positions or withdraw funds for wallets marked as high risk. Instead, such a class of users must interact directly with the respective underlying protocols where funds are stored or find other services.

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DeFi Market Overview

Analytical data shows that the total value of locked DeFi increased by $5 billion from last week, which is $68.94 billion. Data from Cointelegraph Markets Pro and TradingView show that the top 100 DeFi tokens by market capitalization had a bullish week, with several tokens registering double-digit gains.

Ankr (ANKR) was the biggest gainer among the top 100, registering a 48% increase over the past week, followed by Avalanche (AVAX) with a 20% increase. Oasis Network (ROSE) saw an 18% price increase and Chainlink (LINK) recorded a 16% increase on the weekly chart.

Thanks for reading our roundup of the most influential DeFi developments of the week. Join us next Friday for more stories, insights and education in this powerful advancement space.