Kryptodata

DeFi hacks on the rise as Balancer protocol exploited for $900K: Finance Redefined

DeFi hacks on the rise as Balancer protocol exploited for $900K: Finance Redefined

DeFi exploits resulted in losses of over $16 million in August. Ethereum staking services have agreed upon a 22% limit on all validators to ensure fair markets. Balancer protocol lost nearly $900,000 due to a vulnerability flagged months ago. Shibarium’s second launch proved more stable as the layer-2 protocol already has over 100,000 new wallets, and USD Coin (USDC) is set to debut on Coinbase’s layer-2 platform later this week. The DeFi market had a bearish decline due to an overall market fall after news of a delay in the decision on approval of a spot Bitcoin’s spot exchange-traded fund (ETF). $15.8 million in cryptocurrencies was lost in DeFi hacks and exploits in August. Balancer was exploited for nearly $900,000 after a vulnerability warning. USDC will launch natively on Base network next week. Shibarium has surpassed 100,000 wallets after its relaunch. The total value locked into DeFi protocols is currently at $49.25 billion.

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