Monday, 2 October 2023

Crypto News

Balancer protocol exploited for $900K as DeFi hacks mount: Finance Redefined

Balancer protocol exploited for $900K as DeFi hacks mount: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

In this week’s newsletter, Ethereum staking services have agreed upon a 22% limit on all validators to ensure fair markets. August proved to be another costly month for DeFi as several protocols were collectively exploited for $16 million. In separate exploit news, Balancer protocol lost nearly $900,000 due to a vulnerability flagged months ago.

Shibarium’s second launch proved more stable as the layer-2 protocol already has over 100,000 new wallets, and USD Coin (USDC) is set to debut on Coinbase’s layer-2 platform later this week.

The DeFi market had another late-week bearish decline due to an overall market fall after news dropped of a delay in the decision on approval of a spot Bitcoin’s spot exchange-traded fund (ETF). Most DeFi tokens traded in the red, and the total value locked in DeFi tokens remained below $50 billion.

Ethereum staking services agree to a 22% limit for all validators

At least five Ethereum liquid staking providers have either imposed or are working to impose a self-limit rule in which they promise not to own more than 22% of the Ethereum staking market — in a move seen as ensuring the Ethereum network remains decentralized.

Among the Ethereum staking providers either already committed or working to commit to the self-limit rule are Rocket Pool, StakeWise, Stader Labs and Diva Staking, according to Ethereum core developer Superphiz.

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$16 million in crypto lost to DeFi hacks in August: Report

In August, $15.8 million in cryptocurrencies was lost in DeFi hacks and exploits, specifically. According to an Aug. 31 report by blockchain security firm Immunfi, a combined $23.4 million in crypto was lost to a combination of hacks, exploits and fraud, a significant decrease compared with the $320.5 million lost in July. All exploits consisted of attacks against DeFi protocols, and not a single incident affected centralized finance entities.

Five of the 21 security incidents reported occurred on the Ethereum blockchain, while four occurred on the BNB Chain. Coinbase’s highly anticipated layer-2 solution, Base, experienced four security exploits shortly after its launch on Aug. 9.

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Balancer exploited for close to $900,000 after vulnerability warning

Ethereum automated market maker and DeFi protocol Balancer was exploited…

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