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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.

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