⚡ dYdX's Firm Response: No Compromise with Malicious Entities
posted 21 Nov 2023
Antonio Juliano, the creator of the decentralized exchange protocol
dYdX, recently shed light on an insurance fund incident. He specified
that it occurred on the v3 chain, not the dYdX Chain, resulting in a loss of $9 million for the platform.
Juliano
pointed out that the v3 chain, unlike the dYdX Chain, has central
elements that may have been vulnerable to the exploit. This attack was
focused on the YFI token's long positions, causing a dramatic 43% drop
in price and leading to nearly $38 million in liquidations.
Juliano has firmly stated that dYdX is not entering into negotiations
with the attackers. Instead, the platform is offering rewards to
community members who contribute to the ongoing investigation.
Additionally,
Juliano noted that significant progress has been made in pinpointing
the perpetrator, and this information has been forwarded to the Federal
Bureau of Investigation (FBI).
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