Curve Finance resolves site exploits, directs users to revoke recent contracts: 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.
This past week, cross-bridge protocols became the center of DeFi discussions as a new report showed RenBridge was used to launder $540 million in stolen funds. Curve Finance, on the other hand, resolved its site exploit and directed users to revoke any recent contracts.
Interlay, a London-based blockchain firm, launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot named interBTC (iBTC), DeFi platform Oasis.app says that sanctioned addresses will no longer be able to access the application.
The majority of the top-100 DeFi tokens saw a new surge in bullish momentum along with the rest of the market, with several of the tokens registering a double-digit gain on the weekly charts.
On Aug. 9, automated market maker Curve Finance took to Twitter to warn users of an exploit on its site. The team behind the protocol noted that the issue, which appeared to be an attack from a malicious actor, was affecting the service’s nameserver and frontend.
Curve stated via Twitter that its exchange — which is a separate product — appeared to be unaffected by the attack, as it uses a different domain name system (DNS) provider.
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Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges one has been used to launder over half a billion dollars in ill-gotten crypto assets.
According to a new report, crypto bridge RenBridge facilitated the laundering of at least $540 million in proceeds of crime since 2020 through a process known as chain hopping — converting one form
Read more on cointelegraph.com
