Decentralized finance (DeFi) protocol bZx, has revealed via Twitter on April 19, 2021, that since launching its margin trading and lending product on the Binance Smart Chain (BSC), its total value locked (TVL) has increased significantly and it’s now looking to build upon that success with its cross-chain governance token, BGOV. bZx Aiming for the Read More
As some bitcoin options traders bet on new all-time highs and another DeFi protocol is attacked, CoinDesk’s Markets Daily is back for your latest crypto news roundup!
DeFi lending project bZx has been able to recover about $8 million in cryptocurrency from an attacker who stole the funds after exploiting a code bug over the weekend.
DeFi lending protocol bZx suffered another attack last night, the second in seven months. This time, faulty code was blamed for an exploit that allowed hackers to duplicate assets, or increase their iTokens balance without the appropriate collateral. Reports are circulating that hackers stole cryptocurrencies worth $8 million. But Anton Burkov, Co-founder of 1inch Exchange, analyzed the relevant DeFi explorer, removing duplicate items, as well as bZx “admin drainages”, to conclude those reports are greatly exaggerated. According to Burkov, the amount lost to the duplication exploit is closer to $1.7 million. Further analysis carried out by Burkov pinpointed the exploit…
Though no fresh stimulus is expected this week from the Fed, bitcoiners betting on money printing could just wait for the next sell-off in U.S stocks.
An attacker found a way to mint unbacked iTokens that they could then redeem against other cryptos held in lending pools for DeFi lender bZx.
The decentralized finance (defi) realm continues to heat up with concepts like yield farming, but another scheme called defi flash loans has also grown exponential. On Monday, the noncustodial lending protocol Aave issued $138 million in loans with zero collateral. Since the last week of June, defi flash loans have increased by 809% as the protocol Aave is issuing anywhere between $80-100 million in flash loans per day. Data shows that Aave issued over $138 million on Monday and the pace continues to trend higher. The word “Aave” is a Finnish term to describe a ghost, as the noncustodial platform…