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Home News

dYdX Unveils Hacker in $9M Attack

January 8, 2024
Reading Time: 1 min read
in News
DYdX Successfully Identifies the $9M DeFi Attack Hacker

Decentralized finance (DeFi) protocol dYdX recently disclosed its successful identification of the hacker behind a substantial $9 million exploit on its v3 platform in November 2023. The revelation, outlined in a post-mortem report on January 3, 2024, credits the collaborative efforts of dYdX’s security team, partners, forensics contractors, and industry investigative companies for unmasking the perpetrator.

The attack, characterized as a “targeted attack against the DEX,” involved unauthorized access to the v3 insurance fund, leading to a cascade of events that caused a 43% drop in the Yearn.finance native token YFI.

The attackers strategically utilized the compromised fund to take leveraged positions on dYdX, liquidating positions valued at nearly $38 million. In response to the incident, dYdX has implemented comprehensive safety measures aimed at preventing future exploits on its platform.

These measures include revised margining in less-liquid markets, automatic adjustments to the initial margin fraction during abnormal activity, enhanced open-interest monitoring, and alerting features to safeguard against cyber threats.

The exchange has also taken steps to fortify its relationship with blockchain forensic investigation experts to identify bad actors on-chain and counter manipulative behaviors. Having identified the hacker, dYdX is actively assisting law enforcement agencies in their ongoing investigation into the exploit.

Moreover, the exchange is considering legal action against the attackers, emphasizing its commitment to taking all necessary steps to address the situation appropriately.

Reference:
  • Post Mortem Sushi

 

Tags: Cyber NewsCyber News 2024CybercrimeCybersecurityDeFidYdXJanuary 2024
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