top of page

dYdX Utilizes $9M Insurance Fund Following Alleged Targeted Attack on YFI

The decentralized exchange (DEX) dYdX experienced a significant financial event on November 17, requiring the use of its insurance fund. The exchange had to cover $9 million worth of customer liquidations following a dramatic market fluctuation. Before November 17, the price of Yearn Finance (YFI) token surged by over 170%, only to plummet by 43% on the day of the incident. The focus of the alleged attack was on long positions in YFI tokens on the dYdX platform, leading to nearly $38 million in holdings being liquidated. Furthermore, dYdX is conducting a thorough review of its risk parameters and considering changes to both the v3 and potentially the dYdX Chain software.


Check out the hashd app. It gives you important crypto news and updates in short, simple and easy to read slides. Amazing!



Comments


bottom of page