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DeFi Sneak Attack

dYdX was rattled by a scheme to manipulate YFI markets

Jack Inabinet
Nov 20, 2023 • 1 min read

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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!

This was pretty clearly a targeted attack against dYdX, including market manipulation of the entire $YFI market

We are investigating alongside several partners and will be transparent with what we discover https://t.co/djWHaaPIua

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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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 real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.