DAO Attack
Barely halfway and October already the biggest month in crypto hacks: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. October is historically associated with the bulls, but in 2022, the month has also become the leader in crypto hacks as barely halfway through, and the DeFi ecosystem has already seen nearly a dozen hacks resulting in losses of hundreds of millions of dollars. The largest hack occurred on Solana’s DeFi platform Mango Markets on Oct. 11, resulting in a loss of over $100 million worth of crypto. The hacker has now come out to demand $70 million in USD Coin (USDC) stablecoin as a bounty to return the stolen crypto. In another hack, TempleDAO was exploited for $2 million on the same day as Mango Market’s exploit. Movi...
Fei Protocol founder proposes ghosting Tribe DAO following hack repayment
An attack in April 2022, which drained off nearly $80 million from various Rari Fuse pools, required the decentralized finance (DeFi) platform Fei Protocol to come up with a solution that minimizes damage to the ecosystem. Fei Labs’ latest proposal, which partly recommends revoking participation from Tribe DAO, received mixed sentiments from the community. Fei Protocol founder Joey Santoro announced the latest proposal, TIP-121: Proposal for the future of the Tribe DAO, revealing the company’s intent to reimburse Fuze victims. It also details plans for asset redemption and the distribution of protocol-controlled value (PCV) assets that manage the liquidity and yield. I hope this proposal resonates with the community and thank you for your support.https://t.co/RjpS9j4x2H — Joey ’s ERC-4626 ...
