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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Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business and remains based out of the Seattle area.

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