Connect with us

Blockchain

Barely halfway through and October is already the biggest month for cryptocurrency hacks: Redefining Finance

Avatar

Published

on

Welcome to Finance Redefined, your basic weekly dose Decentralized Finance (DeFi) Insights – Newsletter prepared to bring you important developments over the past week.

October has historically been associated with bulls, but 2022 has also become the leading month for cryptocurrency hacks barely halfway, and the DeFi ecosystem has already seen nearly a dozen hacks that have resulted in hundreds of millions of dollars in losses.

The biggest hack on Solana’s Mango Markets DeFi platform occurred on October 11th, resulting in the loss of more than $100 million in cryptocurrency. The hacker has now come out asking for $70 million in USD (USDCA stablecoin as a reward for returning the stolen cryptocurrency.

In another hack, TempleDAO was exploited for $2 million on the same day as the Mango Market exploit.

Advertisement

Moving on from hacker exploits, DappRadar, a DeFi analytics firm, has come out with its side of the explanation as to why its accounts about daily active users in the $1.6 billion metaverse ecosystem Decentraland come under 40.

The Top 100 DeFi coins faced downside pressure throughout the week, with some relief late Thursday. The majority of the tokens were trading in red on the weekly charts, with a few exceptions, with the total closed value (TVL) dropping below $50 billion.

Barely Halfway and October Is the “Biggest Month” for Crypto Hacks: Chainalysis

Blockchain analytics firm Chainalysis has ranked October 2022 as the “biggest month in the biggest year ever for hacking activity,” with the total hack value for the month reaching nearly $718 million.

Although it wasn’t more than half way through the month, Chainalysis said 11 different DeFi protocol hacks saw hundreds of millions exploited.

Continue reading

Advertisement

Mango Markets hacker suggests sharp settlement

On October 12, one day later $117 million was spent From the Solana DeFi Mango Markets platform via a price feed exploit, the hacker responsible for the attack demanded a settlement. The proposal was presented at the Management Forum of the Decentralized Independent Mango Markets Organization (DAO).

If passed, the hacked action will involve sending MNGO, SOL (Sol) and Marinade Staked SOL tokens to an address provided by the Mango DAO team. Users without bad debts will be completely re-created. However, the hacker is demanding that any bad debt be seen as a bug bounty and insurance paid through the community treasury of $70 million, or $70 million.

Continue reading

DappRadar explains why it counts less than 40 active users on Decentraland

Crypto Twitter was shocked by reports claiming that Decentraland, a $1.2 billion Metaverse ecosystem, has recently had fewer than 40 daily active users. The data, provided by DeFi analytics firm DappRadar, has caused a stir among the crypto community, raising questions about the future of Web3.

Was Decentraland Quick to refute those metrics He claimed that to get a better view of the platform user activity, one should refer to the dashboard on the website. The metaverse platform indicated that it acquired 1,074 users interacting with smart contracts in September and a total of 56,697 logged-in users per month.

Advertisement

Continue reading

MakerDAO’s Return Drops 86% on Ether and BTC Trouble Wrapped

MakerDAO, the governing body for the Maker protocol, saw its revenue fall sharply in the third quarter of 2022, due to lower loan demand and fewer liquidations, while expenses remained high.

According to an October 13 tweet from Johnny_TVL, a Messari analyst and co-author of “The State of Maker Q3 2022,” the decentralized independent organization saw its revenue drop to just over $4 million in the third quarter, down 86% from the previous quarter.

Continue reading

DeFi Market Overview

Analytical data reveals that the total value of DeFi has posted another decline, with TVL’s value down to $50 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization had a mixed week, with the majority of the tokens trading in red on the 7-day chart, except for a few.

Advertisement

maker (MKR) continued its upward momentum in the second week of October, posting a gain of 10. 78% over the past seven days. No other DeFi token is trading in the top 100 in green on the weekly chart.

Thank you for reading our summary of the latest impactful DeFi developments this week. Join us next Friday for more stories, ideas, and education in this dynamically evolving space.