Juliano clarified that the dYdX chain itself remained uncompromised, emphasizing that the incident occurred on the v3 chain where the insurance claims took place. The v3 insurance fund was utilized to address gaps in liquidation processes within the YFI market.
He affirmed dYdX's stance of not negotiating with the attackers, opting instead to offer bounties to those aiding the investigation. Juliano stated, “We will not pay bounties to, or negotiate with the attacker. We and others have made significant progress into identifying the attacker. We are in the process of reporting the information we have to the FBI.”
Juliano pointed out that the v3 chain, which was exploited, contains central components that might be a contributing factor to the compromise. The incident led to a 43% drop in the Yearn.finance token on Nov. 17, triggering concerns of a potential exit scam.
The exploit specifically targeted long positions in YFI tokens on the exchange, resulting in the liquidation of positions valued at nearly $38 million. This event played a significant role in the YFI token's price drop, wiping out over $300 million in market capitalization and fueling suspicions of an insider job.
While security breaches in DeFi are not uncommon, dYdX's approach to this incident stands out. Instead of directly paying bounties to the exploiters, the protocol is actively involving the community in identifying the culprits, marking a distinct strategy in addressing security incidents within the DeFi space.
Social media platforms, particularly Meta's, are increasingly targeted by scammers worldwide, raising concerns about user safety and the effectiveness of platform moderation. Despite efforts to combat scams, Meta's response to fabricated news and inadequate safety measures underscore the ongoing challenge of protecting users from online threats.
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ZoeyAuthorities are taking note of crypto scams and potential ways to deal with them.
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BitcoinistA range of sketches show the changes the fraudster might have endured to evade capture.
BeincryptoCrypto scams involving bogus giveaways have grown into a black market industry of sorts with several services designed to support fraudulent activities.
BitcoinistThe Birth of an Application Chain
链向资讯BitcoinistGoogle's threat analysis team attributed the attacks to a group of hackers recruited in a Russian-language forum to sell hacked YouTube channels to the highest bidder.
CointelegraphViewers of the documentary, especially those who knew the full story, resonated with the founder's conspiracy theory of faked deaths.
Cointelegraph
