Today in Markets

DeFi Sneak Attack

dYdX was rattled by a scheme to manipulate YFI markets
Jack Inabinet Jack Inabinet Nov 20, 20231 min read
market analysis DeFi Sneak Attack

dYdX Attacked: Mass liquidations hit dYdX’s V3 Yearn Finance (YFI) market Friday night. YFI is down 40%, dYdX’s insurance fund was forced to pay out $9M, and the exchange’s founder is calling it an attack!

 Contracts outstanding on dYdX’s YFI market had risen steadily since November 8, increasing from $0.8M to $67M on Friday. YFI gained 160% during this period, and dYdX accrued more YFI open interest than any other perpetuals trading platform.

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