dYdX DEX and YFI Token Hit by $9 Million Targeted Attack – Here’s What Happened

• Decentralized exchange dYdX used its insurance fund to cover losses of $9 million resulting from a targeted attack.
• The attack specifically targeted long positions in Yearn.Finance (YFI) tokens, resulting in the liquidation of positions worth nearly $38 million.
• dYdX founder Antonio Juliano suspects market manipulation and plans to conduct a comprehensive review of risk parameters.
• The attack wiped out over $300 million in market capitalization from the YFI token.
• The crypto industry has seen a significant increase in hacks, with 76 reported in Q3 2023, resulting in approximately $332 million in losses.

The sentiment of the article is negative, as it discusses a targeted attack on dYdX and the significant losses incurred.