DeFi
Latest news, analysis, and updates on DeFi from A47 News.
5 stories in Crypto · Updated live
THORChain suffers $10 million security breach impacting multiple blockchains
THORChain experienced a significant security breach resulting in an estimated loss of $10 to $11 million due to a cross-chain attack. The exploit prompted THORChain to halt trading and launch a recovery portal for affected users. This incident raises broader concerns about the security of decentralized finance platforms and may lead to increased regulatory scrutiny in the industry.
Lombard migrates over $1 billion in Bitcoin-backed assets to Chainlink CCIP following LayerZero exploit
Lombard has migrated over $1 billion in Bitcoin-backed assets to Chainlink's Cross-Chain Interoperability Protocol amid a significant exodus from LayerZero, which has seen over $4 billion in assets shift due to security concerns following a major exploit. The immediate trigger for this migration is a $292 million exploit on LayerZero's Kelp DAO bridge, raising serious concerns about its security infrastructure. This trend may set a new standard for cross-chain security in the cryptocurrency space as more protocols prioritize safer alternatives.
Coinbase becomes USDC treasury deployer on Hyperliquid
Coinbase has assumed the role of USDC treasury deployer on Hyperliquid, marking a significant shift in the decentralized finance landscape. This development is driven by the ongoing phase-out of the USDH stablecoin, prompting a strategic focus on enhancing USDC's liquidity. The long-term implication is that this partnership may pave the way for increased trading volumes and innovations in the DeFi sector.
KelpDAO hack results in $293 million loss impacting DeFi sector
KelpDAO experienced a major hack resulting in $293 million in losses. This incident has triggered a $13.5 billion drop in DeFi total value locked, highlighting the urgent need for improved operational security. The long-term implication is a potential shift in the DeFi sector towards prioritizing security and operational integrity to regain user trust and stabilize the market.
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KelpDAO hack results in $293 million loss impacting DeFi sector
KelpDAO experienced a major hack resulting in $293 million in losses. This incident has triggered a $13.5 billion drop in DeFi total value locked, highlighting the urgent need for improved operational security. The long-term implication is a potential shift in the DeFi sector towards prioritizing security and operational integrity to regain user trust and stabilize the market.
THORChain suffers $10 million security breach impacting multiple blockchains
THORChain experienced a significant security breach resulting in an estimated loss of $10 to $11 million due to a cross-chain attack. The exploit prompted THORChain to halt trading and launch a recovery portal for affected users. This incident raises broader concerns about the security of decentralized finance platforms and may lead to increased regulatory scrutiny in the industry.
Lombard migrates over $1 billion in Bitcoin-backed assets to Chainlink CCIP following LayerZero exploit
Lombard has migrated over $1 billion in Bitcoin-backed assets to Chainlink's Cross-Chain Interoperability Protocol amid a significant exodus from LayerZero, which has seen over $4 billion in assets shift due to security concerns following a major exploit. The immediate trigger for this migration is a $292 million exploit on LayerZero's Kelp DAO bridge, raising serious concerns about its security infrastructure. This trend may set a new standard for cross-chain security in the cryptocurrency space as more protocols prioritize safer alternatives.
Bitwise Launches Hyperliquid ETF Driving HYPE Token Surge
Bitwise has launched the Hyperliquid ETF, which offers spot exposure to the HYPE token and incorporates staking rewards. This launch coincides with a significant surge in the HYPE token's value, driven by Bitwise's ETF and Coinbase's role in managing USDC for Hyperliquid. The success of this ETF could pave the way for more innovative cryptocurrency investment products in the future.