Two DeFi Hacks Hit $ 120 Million, One $ 500 Million Fund Something Present

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Seven days loaded with positive advances in the DeFi space, including support for nine-digit increases, successful item launches, and token costs taking off, have been quite discolored by new information on two benefits of extreme security. Read on for the full scope of developments during the week. What you are going to read is the reduced version of this brochure intended for the blunt. For the full form of DeFi developments over the past week, send your email below. Venture capital firm Borderless Capital announced the launch of ALGO Fund II this week, a $ 500 million campaign raised to help deliver digital asset projects on Algorand’s blockchain.

Algorand is a decentralized open source blockchain most appreciated for its speed of efficiency, its security and its status as a potential competitor to the dominance of Ethereum.

Announced via an Algorand Foundation blog post, the capital will focus specifically on decentralized applications, niche liquidity mining, lending, borrowing and agricultural production services, as well as non-fungible tokens.

Established in November 2018, Borderless Capital has already invested in over 100 blockchain-related projects through its $ 400 million ALGO Fund I, including Tinyman, Yieldly, Opulous and Flare Network, among others, as well as acceleration programs successful in three major industrial sectors. continents.

Assembly will seek to drive adoption of smart contract services and foster an environment for creators, developers, and community advocates that facilitate the expansion of the Iota ecosystem into Web 3.0 sectors, including the metaverse. .

Iota Prepares to Launch Decentralized Smart Contract Platform
The distributed ledger platform Iota announced the launch of the decentralized assembly of the Layer 1 smart contract network and the accompanying ASMB token this week.

Scheduled to launch in 2022, Assembly will operate in parallel with Iota and use the existing network infrastructure, including the directed acyclic graph structure, to function as an interoperable, self-sovereign bridge that reaps the benefits of scalability and security, among others.

Decentralized application developers will be able to create their own smart contract chains and set individual parameters for low-cost execution fees, a feature that will also allow service providers to issue stable on-chain assets to incentivize validators. .

In a recent Twitter post, Iota revealed that players can earn Shimmer Token (SMR) and ASMB rewards when launching the networks, stating that “for every 1 MIOTA put into play, users receive $ 1 SMR and 4 microASMB every 10 seconds, for 90 days, once staking has started. DeFi MonoX and BadgerDAO projects operated for $ 150 million
This week, the decentralized MonoX and BadgerDAO projects fell victim to individual hacks of sophisticated protocols that resulted in asset losses of more than $ 150 million.

The MonoX platform suffered a single cyber attack on Tuesda when a bug in the smart contract swap allowed manual manipulation of the prices of MONO tokens, an asset that had just been listed on the Huobi exchange the previous days. After taking the MONO token to what the team described as “extensive” levels, the hackers traded the funds for other assets on the platform and reaped lucrative profits.

In the days following the breach, the MonoX team confirmed that the losses stood at around $ 31 million, alongside the release of a remorseful statement, the essence of which said, “Days like yesterday are horrible, there is no sugar coating the harsh reality of a contract. exploited and people losing money. Our supporters trusted a new project like us, and yesterday we let them down.
Likewise, but without affiliation to the other, BadgerDAO was also the victim of financial abuse this week. While community members on Discord had raised concerns about suspicious increases in allowance over the past few days, admins did not see this as a threat, as this tweet from 0xMoves points out.

According to blockchain analytics service PeckShield, BadgerDAO losses have amassed $ 120 million at the time of writing, including 2,078.76 Bitcoin (BTC), 30.27 Interest-bearing Bitcoin and 151.32 Ether (ETH). The Badger team has now responded by opening a full investigation into the events in addition to suspending smart contract activity until the security of the protocol is again stabilized.

Symbolic performances
Analytical data reveals that DeFi’s locked-in total value rose 8.01% in the week to $ 159.5 billion. Data from Cointelegraph Markets Pro and TradingView reveals that DeFi’s Top 100 tokens by market cap have performed relatively well over the past seven days.

Summary of the news:

  • Two DeFi Hacks Hit $ 120 Million, One $ 500 Million Fund Something Present
  • Check out all the news and articles for the latest business news updates.
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