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

Crypto News
Crypto News

19 Nov 2023 9:00 AM

Decentralized exchange dYdX has used its insurance fund to cover losses amounting to $9 million resulting from a "targeted attack" against the exchange....

  • 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.

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You May Ask

How much were the losses covered by dYdX's insurance fund?What was the cause of the drop in the YFI token's value?What steps did dYdX take to prevent future incidents?How many hacks were reported in the crypto industry in Q3 2023?How much money has been lost to exploits, hacks, and scams in September?

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