DeFi

A Drama Day For Defi: Optimism, Synthetix, Osmosis Suffered Damage

The DeFi array in the last 24 hours has seen many “unbelievable” events possible with top projects like Optimism (OP), Synthetix founder Kain Warwick, Osmosis/FireStake, and a researcher who experienced DeFi rescuers “cheated”.
Continuity of attacks in the Defi world

Optimism, a layer-2 scaling solution for Ethereum, has received a lot of attention recently thanks to the OP token airdrop event in early June, the morning of June 9 admitted a hacker had interfered with the OP allocation process. Wintermute, causing the project to lose 20 million OP, CoinCu also had an article about this news.

After the news that Optimism mistakenly transferred 20 million OP and was robbed by hackers, some events in the Defi world also happened.

Synthetix founder “wrongly burned” 10 million DAI

Founder Kain Warwick of Synthetix, the leading liquidity protocol on Ethereum and one of the OP-allocated projects by Optimism, has defended the incident.

Mr. Kain Warwick then related a recent personal experience in which he mistakenly burned 10 million DAI, or $10 million, because of a simple mistake.

FireStake profits from drama Osmosis

As reported by CoinCu, on June 8, the Osmosis DEX exchange on Cosmos was discovered to have a vulnerability, resulting in an estimated loss of more than $5 million.

The vulnerability appeared when a user added liquidity to the Osmosis pool and then tried to withdraw the money only to find his asset value increased by 50%. After being spread, many users discovered the vulnerability was real and massively used it for profit.

Osmosis then had to close the DEX and also stop the underlying blockchain while fixing the problem.

On June 9, FireStake, a staking project and participating as a validator for many blockchains of the Cosmos ecosystem, including Cosmosis, revealed “shocking” information that they had participated in the “robbery” on the internet and withdraw a large amount of money.

FireStake representatives wrote on Twitter “funny” words after attacking the project as follows:

Researcher DeFi was “cheated” to help hackers

Finally, the Twitter account CIA Officer, a well-known anonymous figure in the DeFi community, on June 8 admitted a “foolish” act of himself.

This person said that a few days ago, he responded to a request for 1 MATIC from another user and agreed to help. The other person then used this 1 MATIC to attack the ApolloX project, causing 1.6 million BUSD damage.

Because of the amount of 1 MATIC, many people suspected that the CIA Officer was the culprit behind the incident, forcing this researcher to stand out and complain in front of the community.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

2 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

30 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

53 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

1 hour ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

This website uses cookies.