Decentralized exchange dYdX exposes details of $9 million attack on its v3 platform

Decentralized exchange dYdX has released a post-mortem report regarding a “targeted attack” on its v3 platform in November, resulting in a $9 million loss in its insurance fund, equivalent to approximately 40% of the total fund. The exchange's investigation has identified the attacker's identity, and legal actions are being considered against the perpetrator.

Timeline of Dydx

A widely followed crypto analyst is suddenly turning bullish on Gala (GALA) and two other altcoins. Pseudonymous crypto trader The Flow Horse tells his 186,500 followers on the social media platform X that the native asset of the blockchain-based gaming platform Gala is in an uptrend.

The dYdX Operations subDAO is pleased to announce the launch of Full Trading on the dYdX Chain, introducing new and improved trading rewards, a 6-month Launch Incentive Program proposed by Chaos Labs, and the continuation of Validators and Stakers receiving 100% of protocol fees.

This week, the cryptocurrency market faced substantial turbulence, driven by Binance's legal challenges. With a hefty $4 billion settlement and the resignation of CEO Changpeng Zhao amid accusations of violating U.S. anti-money laundering laws, the industry witnessed significant disruptions.

The cryptocurrency market has experienced significant volatility this week, largely influenced by Binance's recent legal turmoil. The saga includes a massive $4 billion settlement and the consequential resignation of CEO Changpeng Zhao, following charges of violating U.S. anti-money laundering laws.

In a decisive move to bolster its trading platform's stability and security, decentralized crypto exchange dYdX has implemented significant changes in its trading policies. This strategic shift comes in the wake of the exchange deploying $9 million from its insurance fund to offset users' losses incurred on November 17th.

dYdX, a prominent decentralized exchange, has deployed its insurance fund to mitigate the impact of a severe liquidation event, where $9 million worth of user positions were affected. Antonio Juliano, the founder of dYdX, attributed these liquidations to what he described as a “targeted attack” against the platform.

DYDX (CRYPTO: ETHDYDX), the native token of the dYdX chain, has witnessed a sharp increase of over 20% in value in the last day. What Happened: This price rally occurs with anticipation building as a massive token unlock date approaches for early investors and core team members in just 16 days' time.

DYDX, the native token of the newly released eponymous chain and decentralized exchange, has risen by more than 20% in the past 24 hours, just 16 days before more than $500 million worth of the tokens will be released to early investors and core team members.

The dYdX Foundation that fosters the popular dYdX decentralized exchange has announced another big milestone as it seeks to migrate away from Ethereum to its own, Cosmos-based blockchain network.

dYdX, a significant decentralized exchange (DEX), has officially transitioned from its Ethereum base to launch its native chain. This marks the first instance of a major DEX opting for autonomy by setting up its own native blockchain.