Balancer Protocol Exploited: DeFi Hacks Mount as $900K is Lost – Finance Redefined
Welcome to Finance Redefined, your trusted source for all the latest decentralized finance (DeFi) insights. In this week’s edition, we highlight the recent exploit of the Balancer protocol, resulting in the loss of nearly $900,000. Additionally, we cover the ongoing surge in DeFi hacks, with a total of $16 million lost in August alone.
Ethereum Staking Services Implement 22% Limit for Validators
A group of Ethereum liquid staking providers have agreed to a self-imposed limit of 22% ownership of the Ethereum staking market. This initiative aims to ensure the decentralization of the Ethereum network. The providers committed to this rule include Rocket Pool, StakeWise, Stader Labs, and Diva Staking.
$16 Million Lost to DeFi Hacks in August
In August, DeFi hacks and exploits resulted in a total loss of $15.8 million in cryptocurrencies. This amount represents a significant decrease from July’s $320.5 million loss. It is important to note that all the reported security incidents affected DeFi protocols exclusively and not centralized finance entities. Among the affected blockchains, Ethereum and BNB Chain were the most targeted.
Balancer Protocol Exploited, Resulting in $900K Loss
Balancer, an Ethereum automated market maker and DeFi protocol, fell victim to an exploit that resulted in a loss of nearly $900,000. The vulnerability had been flagged months earlier but was not adequately addressed. The stolen funds were transferred to an Ethereum address associated with the attacker.
USDC to Launch on Base Network
Circle’s USDC stablecoin will be launched natively on the Base network in the coming week, according to CEO Jeremy Allaire. This move will replace the current USD Base Coin (USDbC) and provide users with easier access to USDC within the Base network ecosystem.
Shibarium Wallets Surpass 100,000 After Bridge Relaunch
Shibarium, a layer-2 network for the Shiba Inu (SHIB) token, has seen a significant increase in its user base. Within 24 hours of its relaunch, Shibarium gained over 35,000 wallets, bringing the total number of wallets to over 100,000. This growth is a testament to the popularity and demand for the SHIB token.
DeFi Market Overview
The DeFi market experienced a bearish week, with most of the top 100 tokens trading in the red. The total value locked in DeFi protocols currently stands at $49.25 billion.
Thank you for staying informed about the latest developments in the dynamic world of DeFi. Join us next week for more stories, insights, and educational content.
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