yearn.finance

A recurring problem in crypto has been wallet hacks, with some incidents connected to large platforms, and some enormous sums of money being stolen in the form of crypto assets. Despite high profile cases, it remains to be seen how this problem will be addressed, but with institutions entering and regulatory compliance a priority, it seems unlikely that such a situation can be allowed to continue.Data and Image From ChainalysisBinance-Linked Wallet HackedIt was widely reported earlier this month that a crypto wallet had been hacked for a total of around $27 million worth of USDT (that’s the Tether stablecoin), and what was notable, besides the large numbers, was a connection with the exchange Binance. The stolen funds had been withdrawn from Binance, and according to on-chain data, the wallet that was hacked could be connected back to a Binance deployer wallet, via a transaction from 2019.While this suggests a connection between Binance and the victim of the hack, the exchange has not provided further information about this apparent link, and there have been no further updates regarding the findings of the Binance security team, which, according to an earlier comment from a Binance spokesperson, was “looking into the matter.” This reflects the way crypto has operated up to now, with security breaches a part of the landscape, but wider, significant shifts may be occurring.This week, Binance was hit with a $4.3 billion fine from the Department of Justice, while the Founder, Changpeng Zhao, stepped down from his position as CEO and pled guilty to felony charges. These developments mean that Zhao is prohibited from operational involvement in Binance for a period of three years and that the exchange will be overseen by an independent compliance monitor. When it comes to centralized exchanges, regulatory compliance may be coming to the fore.The Poloniex HackNot long before news of the Binance-connected wallet hack, there was another significant breach at the Poloniex exchange, which is well known partly due to the Founder of Tron, Justin Sun, becoming a major investor in 2019. Last month, Poloniex was hacked for around $125.6 million worth of tokens, with funds being drained mainly across three networks: Ethereum, Tron, and Bitcoin. In response to this, the platform offered a 5% bounty to the hacker, in exchange for the funds being returned.Then, following on from that, Poloniex this week announced that it had traced the identity of the hacker, and posted an on-chain message to the alleged culprit, in fifteen languages, conveying that a final $10 million bounty was on offer. This comes with a November 25th deadline, after which it's stated that law enforcement will become involved. It’s a thrilling turn of events worthy of a  Netflix drama but has been met with some skepticism within the online crypto community, who question the veracity of what’s occurring.👀👀👀It seems promising progress in tracking @poloniex stolen funds. @justinsuntron The whitehat reward of $10m is being offered. https://t.co/vWYgyYbEYs pic.twitter.com/6hZx72Buu2— PeckShield Inc. (@peckshield) November 18, 2023dYdX and Curve Offer BountiesThe use of bounties to track wrongdoers is not new, as demonstrated earlier this month by dYdX. However, in this case, the issue was not a hack, but rather, allegations of price manipulation, as it appears that through the dYdX decentralized trading platform, the price of Yearn Finance’s YFI token was manipulated, leading to losses of around $9 million from the dYdX insurance fund. This has led to dYdX announcing that bounties are on offer to anyone who can substantially assist in finding the alleged market manipulator, although the matter is yet to be resolved. On-chain messages are another recurring theme, as occurred after Curve Finance was hacked for around $73 million at the end of July, an attack also resulting in losses for both the Metronome and Alchemix DeFi platforms through their liquidity pools on Curve. A 10% bounty and an offer not to have law enforcement involved were promised to the hackers, in exchange for the return of the stolen crypto assets, but the DeFi trio declared to the hackers that if the deal was not taken, “we will pursue you from all angles with the full extent of the law.” It appears that the bounty, along with efforts by white hat hackers, was only partly effective, but nonetheless enabled the recovery of a reported 73% of the lost assets.Decentralized Reactions to Decentralized ProblemsPerhaps even more so than on centralized platforms, in the world of decentralized finance, hacks seem to be tolerated as an occupational hazard, while the use of bounties to assist in the recovery of funds is an accepted strategy, and white hat hackers sometimes play a critical role. It’s arguable that offering bounties to hack perpetrators themselves may act as an incentive to attackers, but the alternative take is that such tactics are simply implementing what’s most effective according to the operational conditions. And, relatedly, we can find anonymous on-chain experts formalizing their solutions, as highlighted when Alchemix announced that it had partnered with an organization called Ogle Security Group, which had assisted in recovering some of the funds drained in the Curve hack.Following their exceptional contribution towards recovering funds from the recent @CurveFinance exploit, we are proud to announce our partnership with @cryptogle / Ogle Security.This partnership represents one of multiple new systems being implemented to equip us with the best…— Alchemix (@AlchemixFi) November 20, 2023 Ogle’s self-declared mission is “to track down bad guys and return stolen crypto funds.” This straightforward approach appears to offer what is, essentially, an unregulated environment and a valuable and in-demand service.

This article was written by Sam White at www.financemagnates.com.

From Binance to DeFi: Hacks, Bounties and Anonymous Security


                    
                    dYdX founder Antonio Juliano said they’re working to find the original culprit behind the exploit, and they’d rather pay community members who help in the investigation than the exploiter.
                    Decentralized finance (DeFi) protocol dYdX founder Antonio Juliano took to X (formerly Twitter) to share some of the findings of the investigation into the loss of $9 million in insurance funds, in what many suspected was an exit scam that took place on Nov. 17.Juliano noted that the actual dYdX chain wasn’t compromised, and the insurance claims of $9 million took place on the v3 chain. The v3 insurance fund was used to fill gaps in liquidation processes in the YFI market.The protocol co-founder also stressed that dYdX has no plans to negotiate with the exploiters behind the attack and will instead pay bounties to those most helpful in aiding the investigation:“We will not pay bounties to, or negotiate with the attacker. We and others have made significant progress into identifying the attacker. We are in the process of reporting the information we have to the FBI.”Juliano added that the v3 chain that was exploited has central components that could be one of the potential causes behind the compromise. The security incident caused the Yearn.finance token to drop by 43% on Nov. 17. The sudden price crash raised concerns within the crypto community about a possible exit scam.To be very clear: the recent insurance fund incident on dYdX was on v3 and not the dYdX Chainv3 has central components, dYdX Chain does not. We help to operate v3, we do not help to operate dYdX Chain. This is important to understand why we have taken the actions we have— Antonio | dYdX (@AntonioMJuliano) November 20, 2023

The exploit on Nov. 17 targeted long positions in YFI tokens on the exchange, liquidating positions worth nearly $38 million. This was one of the key catalysts behind the price drop of the YFI token. The trade-in question wiped out over $300 million in market capitalization from the YFI token, further fueling the insider job theory.Security breaches in DeFi are nothing new. However, this incident is different because dYdX is focused on finding the culprit using the community rather than paying a direct bounty to the exploiters.Magazine: Beyond crypto — Zero-knowledge proofs show potential from voting to finance

dYdX founder blames V3 central components for 'targeted attack,' involves FBI

Crypto whales sold off millions of dollars worth of yearn.finance on Saturday prior to YFI sharply correcting by over 40%, according to on-chain data. Spotted by blockchain-tracking firm Lookonchain, one wallet deposited the better part of $5.8 million worth of YFI to crypto exchanges, likely to be sold off on the open market. “Why did […]
The post Crypto Whales Sell Off Ethereum (ETH)-Based Altcoin Before Massive 40% Correction: On-Chain Data appeared first on The Daily Hodl.

Crypto Whales Sell Off Ethereum (ETH)-Based Altcoin Before Massive 40% Correction: On-Chain Data


                    
                    The decentralized exchange increased margin requirements on several markets on Nov. 18, after an alleged targeted attack on the YFI token triggered massive liquidations. 
                    Decentralized crypto exchange dYdX has disclosed new measures to mitigate trading-related risks after burning $9 million of its insurance fund on Nov. 17 to cover users’ losses.According to an announcement on X (formerly Twitter), the exchange increased margin requirements on several “less liquid markets,” affecting tokens such as Eos (EOS), 0x Protocol (ZRX), Aave (AAVE), Algorand (ALGO), Internet Computer (ICP), Monero (XRM), Tezos (XTZ), Zcash (ZEC), SushiSwap (SUSHI), THORChain (RUNE), Synthetix (SNX), Enjin (ENJ), 1inch Network (1INCH), Celo (CELO), Yearn.finance (YFI), and Uma (UMA).dYdX triggered its insurance fund to cover users’ trading losses on Nov. 17 after a profitable trade targeting long positions on the YFI token caused the liquidation of positions worth nearly $38 million. dYdX founder Antonio Juliano dubbed the move a "targeted attack" on the exchange. According to him, YFI's open interest in dYdX spiked from $0.8 million to $67 million in a matter of days as a result of the actions of one individual. The same individual, according to Juliano, attempted to attack the SUSHI market on dYdX a few weeks earlier. "We did take action to increase initial margin ratios for $YFI prior to the price crash, but this was ultimately not sufficient. The actor was able to withdraw a good amount of $USDC from dYdX right before the price crash," he wrote. On X, the exchange’s team said that "highly profitable trading strategies have now been banned on dYdX,” in a reference to the language used by Mango Markets’ exploiter Avraham Eisenberg in his $116 million attack of 2022. dYdX is now offering a bounty payment in exchange for valuable information:dYdX will pay bounties to those most helpful in aiding the investigationWe will not pay bounties to, or negotiate with the attackerWe and others have made significant progress into identifying the attacker. We are in the process of reporting the information we have to the FBI— Antonio | dYdX (@AntonioMJuliano) November 19, 2023

The YFI token declined by 43% in just a few hours on Nov. 17 after soaring over 170% in November. The sharp decline wiped out over $300 million in market capitalization from the recent gains, according to data from CoinMarketCap. In the past 30 days, however, the token has still gained over 90%, trading at $9,190 at the time of writing.The Yearn.finance team hasn’t disclosed any official details about the incident. A source familiar with the matter told Cointelegraph that developers on the team do not control the majority of the token supply, strongly refuting initial concerns about a potential scam. The claim is supported by Etherscan data showing large centralized exchanges as YFI top holders.Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis

dYdX raises margin requirements in some markets, bans “highly profitable trades”

dYdX had to take out millions from its insurance fund to cover user liquidations on its platform. This action was forced after the recent liquidations in the Yearn.Finance (YFI) market. […]
The post dYdX Withdrew About $9 Million To Fill Gaps After Liquidations In The YFI Market appeared first on BitcoinWorld.

dYdX Withdrew About $9 Million To Fill Gaps After Liquidations In The YFI Market

Recent data analysis reveals a significant decline in the performance of YFI, the native token of the Yearn Finance platform. In a dramatic overnight development, the native token of the Yearn Finance ecosystem witnessed a staggering 40% plunge. This downturn in YFI’s performance prompts a closer examination of the intricate dynamics within the decentralized financial landscape. The abrupt and substantial drop has ignited a wave of speculation within the community, with some expressing concerns about the possibility of an exit scam. Much of its recent profits was wiped by the slump. Investors quickly sold off their holdings in YFI in response to the wider selloff that had shook the cryptocurrency market as a whole, which caused a sudden shift in value. Related Reading: Kaspa Binance Listing Sparks Frenzy: 50% Price Surge Captures Investors’ Interest Yearn Finance Suffers An Apparent Exit Scam As users seek to navigate and capitalize on the potential returns of the crypto market, the fluctuations in YFI’s value underscore the inherent volatility and complexity of DeFi environments. Specifically, YFI plummeted from $15,450 to $8,950 within a mere 24-hour period. This sharp and rapid descent represents a substantial loss of $6,510 in the value of YFI. The price of YFI has seen a noteworthy rising trend during the last seven days. The asset was trading at almost $9,000 just a week ago. But it quickly gained momentum and by Friday, it had reached its highest price point in more than a year—above the $15,000 level. JUST IN: Yearn finance ( $YFI ), one of the biggest platforms in the DeFi ecosystem, has just plummeted over -45% in an apparent exit scam by insiders. Nearly half of the entire supply for YFI is held by 10 wallets, and over $250 million in market value has vanished in minutes pic.twitter.com/pMqonBcgux — WhaleWire (@WhaleWire) November 18, 2023 In a matter of hours, the market capitalization experienced a significant decline, with almost $250 million disappearing. The market cap plummeted from $525 million to $275 million. It is once again seeing an upward trend; however, investor sentiment has been negatively impacted by the abrupt decline. The recent sell-off has incited a weekend characterized by fear, uncertaintly and doubt (FUD) among members of the cryptocurrency community. According to certain users on X (formerly known as Twitter), there are assertions made regarding the distribution of the token supply, suggesting that 50% of the tokens were held within 10 wallets under the supervision of engineers. It appears that Yearn Finance $YFI was rugpulled One of the biggest DeFi platforms plummeted over -50% in an exit scam by insiders Approx half of the entire supply for YFI is held by ~10 wallets. Over $250 million in market value has vanished in a few hours pic.twitter.com/Y1TbtlkltC — Solid 堅固 (@SolidTradesz) November 18, 2023 Nevertheless, according to data from Etherscan, it is indicated that a portion of these holders could potentially be wallets associated with cryptocurrency exchanges. The rollercoaster ride in YFI’s market hasn’t just been a wild descent; it’s been a game-changer for crypto traders riding the waves of this digital asset’s fortune. Source: Etherscan Crypto Holders Lose Nearly $5 Million According to insights from derivative market tracker, CoinGlass, the recent nosedive in YFI has left crypto enthusiasts nursing a whopping $4.99 million in losses through liquidations. Those traders who wagered on YFI’s upward trajectory found themselves taking the most substantial hit in the aftermath of the digital asset’s dramatic crash. It’s not just numbers on a chart; it’s a tale of high-stakes bets and unforeseen twists in the ever-unpredictable world of crypto trading. Zooming in on the details, according to CoinGlass data, the brunt of the blow in the near $5 million total liquidations is borne by long positions, tallying up to a substantial $3.5 million in losses. YFI market cap at $309 million on the weekend chart: TradingView.com Related Reading: Crypto Acceptance Grows As Fidelity Joins Race For A Spot Ethereum ETF The majority of these traders find themselves navigating the aftermath on platforms such as the giant Binance, alongside participants from Bybit and OKX. It’s a vivid snapshot into the crypto battleground, where the casualties of this market turbulence are felt by those who took bullish positions, and the ripples extend across some of the most prominent exchanges in the digital arena. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Markus Spiske/Unsplash

Yearn Finance Tumbles: Rug Pull Rumors Swirl As Token Takes A 45% Hit

The founder of dYdX, Antonio Juliano, shared an update regarding the hack that dYdX suffered over the past few days. According to an X post published yesterday, no user funds have been lost. Leading up to the incident, open interest for yearn.finance (YFI) spiked from $0.8 million to $67 million. Juliano is confident that this […]
The post dYdX User Funds Not Affected by YFI Hack, Says dYdX Founder appeared first on Coin Edition.

dYdX User Funds Not Affected by YFI Hack, Says dYdX Founder

Image Source: Unsplash Decentralized exchange dYdX has used its insurance fund to cover losses amounting to $9 million resulting from a “targeted attack” against the exchange. In a Saturday post on X (formerly Twitter), the dYdX team said that the v3 insurance fund was deployed “to address gaps in the liquidation process within the YFI […]
The post dYdX DEX and YFI Token Hit by $9 Million Targeted Attack – Here’s What Happened appeared first on Cryptonews.

dYdX DEX and YFI Token Hit by $9 Million Targeted Attack – Here’s What Happened


                    
                    Sam Altman is ousted from OpenAI, BlackRock and Fidelity seek Ether ETF approval and Australia to tax gains from wrapped tokens.
                    Top Stories This WeekSam Altman ousted from OpenAI, CTO Mira Murati named interim CEOChatGPT developer OpenAI removed founder Sam Altman from his CEO position on Nov. 17. Chief technology officer Mira Murati is now serving as interim CEO. According to a blog post, the board of directors engaged in a deliberative review process, which resulted in the conclusion that Altman was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities. Shortly after, OpenAI co-founder and president Greg Brockman revealed his exit from the organization.BlackRock files S-1 form for spot Ether ETF with SECThe worlds largest asset manager, BlackRock, officially filed for a spot Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) on Nov. 15. The ETF, dubbed the iShares Ethereum Trust, aims to reflect generally the performance of the price of Ether, according to the S-1 filed with the SEC. The iShares brand is associated with BlackRock’s ETF products. The move by BlackRock comes nearly a week after it registered the iShares Ethereum Trust with Delawares Division of Corporations and almost six months after it filed its spot Bitcoin ETF application. Following BlackRocks filing, asset manager Fidelity also sought a green light for its own Ether ETF.Australia to impose capital gains tax on wrapped cryptocurrency tokensThe Australian Taxation Office (ATO) has issued guidance on capital gains tax (CGT) treatment with regard to decentralized finance and wrapping crypto tokens for individuals, confirming that Australians are liable for capital gains taxes when wrapping and unwrapping tokens. The transfer of crypto assets to an address that the sender does not control or that already holds a balance will be regarded as a taxable CGT event, the ATO said in its statement. The CGT event will trigger depending on whether the individual recorded a capital gain or loss. A similar approach has been considered for taxing liquidity pool users, providers and DeFi interest and rewards. In addition, wrapping and unwrapping tokens will also be subject to triggering a CGT event.FTX Foundation staffer fights for $275K bonus promised by SBFAn employee of FTXs charity wing recruited by Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus. Ross Rheingans-Yoos lawyers argued in a court filing that only $375,000 of his $650,000 bonus was paid by FTX. They claim the remaining funds were owed when the crypto exchange filed for bankruptcy in November 2022. The fate of Rheingans-Yoos bonus will be determined by a Delaware bankruptcy judge who is overseeing FTXs Chapter 11 bankruptcy.WisdomTree amends S-1 form spot Bitcoin ETF filing as crypto awaits SEC decisionsWisdomTree filed an amended Form S-1 spot Bitcoin ETF prospectus with the U.S. SEC on Nov. 16. The update comes a few months after WisdomTree refiled its spot Bitcoin ETF application in June 2023, proposing a rule change to list and trade shares of the WisdomTree Bitcoin Trust. The amended prospectus mentions that the WisdomTree Bitcoin Trust ETF will trade under ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian holding all of the trusts Bitcoin on its behalf.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $36,419, Ether (ETH) at $1,946 and XRP at $0.61. The total market cap is at $1.38 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celestia (TIA) at 103.39%, yearn.finance (YFI) at 88.04% and THORChain (RUNE) at 54.38% . The top three altcoin losers of the week are Gas (GAS) at -64.85%, FTX Token (FTT) at -35.17% and Neo (NEO) at -20.27%.For more info on crypto prices, make sure to read Cointelegraphs market analysis.      Read also                                                                              Features                            2023 is a make-or-break year for blockchain gaming: Play-to-own                                                                                                                    Features                            Building blocks: Gen Y can use tokens to get on the property ladder                                            Most Memorable QuotationsEducation and utility-based projects where there is real utility for usage is how we can get regulators onboard.Navin Gupta, managing director of South Asia, Middle East and North Africa at RippleWe believe derivatives will foster additional liquidity and hedging opportunities in crypto and represent the next critical step in this markets continued growth.John Palmer, president of Cboe DigitalI am very bullish about a whole bunch of different things going on in crypto. […] It will be a multichain world.Brad Garlinghouse, CEO of RipplePhone and the internet arent to be blamed for terror financing and crypto shouldnt either.French Hill, United States RepresentativeI believe that code is a form of speech and is protected by the First Amendment.Vivek Ramaswamy, entrepreneur and U.S. presidential candidateThe digital euro would also mean that each and every one of us could be totally monitored. […] Anyone who is against surveillance and for freedom does not need a digital euro!Joana Cotar, member of the German BundestagPrediction of the weekBitcoin traders BTC price dip targets now include $30.9K bottomBitcoin circled $36,000 on Nov. 16 as analysis hoped for a deeper price comedown. Having failed to establish a breakout beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom hoped to see a fresh correction to retest lower levels.Would be happy to see this latest rally complete the round trip back to $35k. Would be even happier to see a retest of $33k, monitoring resource Material Indicators wrote in part of the days commentary on X (formerly Twitter).A snapshot of BTC/USDT order book liquidity showed support building at $35,000. Material Indicators co-founder Keith Alan added that Bitcoins rising 21-day simple moving average had been functioning as support in recent days.BTC continues to fight for the range above $36.5k, he commented.Popular pseudonymous trader Daan Crypto Trades likewise flagged $35,700 and $38,000 as the main downside and upside levels to watch, respectively. Fellow pseudonymous trader Gaah, a contributor to on-chain analytics platform CryptoQuant, meanwhile warned that a steeper correction could take the market closer to $30,000.FUD of the WeekCybersecurity team claims up to $2.1B in crypto stored in old wallets is at riskCybersecurity company Unciphered disclosed a vulnerability dubbed Randstorm, which it said affects millions of crypto wallets that were generated using web browsers from 2011 to 2015. According to the firm, while working to retrieve a Bitcoin wallet, it discovered a potential issue for wallets generated by BitcoinJS and derivative projects. The issue could affect millions of wallets and around $2.1 billion in crypto assets, according to the cybersecurity company.Swan Bitcoin to terminate customer accounts that use crypto-mixing servicesBitcoin services platform Swan Bitcoin warned its customers that it would be forced to terminate accounts found interacting with crypto-mixing due to the regulatory obligations of its partner banks. Customers learned about the new policy in a letter suggesting the changes are due to the United States Financial Crimes Enforcement Networks proposed rule establishing new responsibilities on firms processing transactions from mixing services.ENS developers urge Unstoppable Domains to drop patents or face lawsuitThe founder and lead developer of Ethereum Name Service (ENS), Nick Johnson, is urging blockchain domains company Unstoppable Domains to drop a recently awarded patent or face a lawsuit, according to an open letter shared on X (formerly Twitter). According to Johnson, Unstoppable’s recently awarded patent is based entirely on innovations that ENS developed and contains no novel innovations of its own. Unstoppable Domains’ founder Matthew Gould responded in the thread, claiming that there are multiple naming systems.      Read also                                                                              Features                            Bitcoin ledger as a secret weapon in war against ransomware                                                                                                                    Features                            Tokenomics not Ponzi-nomics: Influencing behavior, making money                                            Top Magazine Pieces of the WeekI spent a week working in VR. It was mostly terrible, howeverCointelegraph Magazine journalist Felix Ng spent a week working in virtual reality. It was mostly terrible… but does have some potential.Breaking into Liberland: Dodging guards with inner-tubes, decoys and diplomatsBitcoin is really one of the most foundational parts of Liberland  99% of our reserves are in BTC.No civil protection for crypto in China, $300K to list coins in Hong Kong? Asia ExpressHong Kong exchanges expand amidst continued investor interest, Philippines to issue $180M in tokenized bonds, China rules out civil protection for crypto, and more!    Subscribe    The most engaging reads in blockchain. Delivered once a        week.         Email addressSUBSCRIBE    

OpenAI’s Sam Altman ousted, BlackRock and Fidelity seek Ether ETF, and more: Hodler’s Digest, Nov. 12-18


                    
                    dYdX founder Antonio Juliano said that the decentralized exchange as well as the Yearn.Finance token (YFI) are victims of a targeted attack. 
                    Decentralized exchange (DEX) dYdX was forced to use its insurance fund to cover $9 million in user liquidations on Nov. 17. According to dYdX founder Antonio Juliano, the losses resulted from a "targeted attack" against the exchange. Based on reports from the dYdX team on X (formerly Twitter), the v3 insurance fund was used "to fill gaps on liquidations processes in the YFI market." The Yearn.Finance (YFI) token dropped 43% on Nov. 17 after soaring over 170% in the previous weeks. The sudden price crash raised concerns within the crypto community about a possible exit scam. The alleged attack targeted long positions in YFI tokens on the exchange, liquidating positions worth nearly $38 million. Juliano believes trading losses affecting dYdX, as well as the sharp decline in YFI, have been caused by market manipulation: "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."According to Juliano, the v3 insurance fund still holds $13.5 million, and users' funds were not affected by the incident. "Even though no user funds were affected, we will also be conducting a thorough review of our risk parameters and making appropriate changes to both v3 and potentially the dYdX Chain software if necessary,” he noted on X.Balance changes on dYdX's insurance wallet. Source: DYDX ExplorerThe profitable trade wiped out over $300 million in market capitalization from the YFI token, leading the community to raise eyebrows about a possible insider job in the YFI market. Some users claimed that 50% of the YFI token supply was held in 10 wallets controlled by developers. However, Etherscan data suggests some of these holders are crypto exchange wallets.Cointelegraph reached out to dYdX and Yearn.Finance's teams for comment and is awaiting a resoonse.Magazine: Beyond crypto — Zero-knowledge proofs show potential from voting to finance

dYdX founder claims targeted attack led to $9M insurance claim

The 43% price crash of Yearn Finance's YFI token prompts worries as suspicions of insider selling emerge due to the concentration of supply in ten wallets.
The post Yearn Finance (YFI) Price Drops 43%, Triggering $5 Million in Liquidations appeared first on BeInCrypto.

Yearn Finance (YFI) Price Drops 43%, Triggering $5 Million in Liquidations


                    
                    Yearn.Finance's YFI token crashed over 43% in just five hours, after rallying almost 170% in November. 
                    Yearn.Finance's governance token (YFI) plummeted over 43% in just five hours on Nov. 18 after rallying almost 170% early in the month, stirring fears about a possible exit scam. During the dramatic drop in value, over $300 million was wiped out in market capitalization from November's gains, according to data from CoinMarketCap. At the time of writing, the YFI token is trading at $9,069 from $14,185 a day before. However, the token is still up 83% over the past 30 days.The sell-off has triggered another weekend of fear, uncertainty and doubt (FUD) within the crypto community. On X (formerly Twitter), some users claim that 50% of the token supply was held in 10 wallets controlled by developers. However, Etherscan data suggests that some of these holders may be crypto exchange wallets.YFI token holders on Nov. 18, 2023. Source: Etherscan In addition, some X's users pointed out that opening short positions may have triggered the move. Data from Coinglass shows a jump in YFI open interest, indicating that traders are shorting the coin after November's gains."I bought the dip… someone sold 1000 coins perhaps that’s why it dropped massively. Will see," commented a trader on X. According to another user, YFI's price movement after the decline is unusual for exit scams:"Doesn’t look like rugpull at all. Cuz inspite if so much sell off price is still stable at 9k which is 80% above its bottom."Yearn.Finance is a decentralized finance (DeFi) protocol that provides automated trading solutions for DeFi markets. Andre Cronje, an Ethereum developer and entrepreneur, launched the protocol in July 2020. Cointelegraph reached out to Cronje and Year.Finance but did not receive an immediate response.Magazine: Beyond crypto — Zero-knowledge proofs show potential from voting to finance

Yearn.Finance token tumbles 43%, community speculates on exit scam

Yearn Finance’s native token YFI experienced a tremble on Saturday when the token fell more than 45% in just a couple of hours. The decline from the previous day’s high of $15,891 to the current $9082 shows massive whale movement inside the market. On the safer side, YFI is still in a green zone if 
The post Yearn Finance (YFI) Price Declines Amid Soaring Whale Activity appeared first on CoinGape.

Yearn Finance (YFI) Price Declines Amid Soaring Whale Activity

The massive price slump came after several consecutive days of charting notable gains.

Yearn Finance’s YFI Token Tumbles 40% Daily Despite V3 Announcement

Data has shown a substantial downturn in the performance of YFI, the native token of the Yearn Finance platform, which is a collection of DeFi products allowing users to earn interest on their crypto assets. According to statistics from prominent market tracker CoinMarketCap, over the past 24 hours, YFI experienced a staggering decline of more […]
The post Alleged Exit Scam Hits Yearn Finance YFI, Tanking 42% from $15k to $8k appeared first on Coin Edition.

Alleged Exit Scam Hits Yearn Finance YFI, Tanking 42% from $15k to $8k

The post YFI Token in Freefall: 37% Drop and $4.7 Million Liquidations in 24 Hours appeared first on Coinpedia Fintech News
YFI token plummets over 37% in a day, triggering $4.7 million in liquidations. Trading data shows divided investor sentiment with fluctuating long and short positions. Recent severe drop in YFI’s value underlines the crypto market’s unpredictability and risks. Yearn Finance (YFI) token has experienced a significant market downturn. Data from CoinGecko reveals that within the …

YFI Token in Freefall: 37% Drop and $4.7 Million Liquidations in 24 Hours

Yearn.Finance skyrockets over 100% as the team announces that v3 is coming soon.

Yearn.Finance’s YFI token skyrockets on upcoming v3 launch news

The post Yearn Finance Price Surges! Will YFI Price Repeat History In The Upcoming Bull Run? appeared first on Coinpedia Fintech News
The crypto market has gained strong bullish momentum, as major cryptocurrencies have made massive gains during the past month. The industry trades at an 18-month high, indicating strong bull power. Yearn Finance price has surged more than 110% within the past week, with a cumulative gain of approximately 200% Month-on-Month (MOM). Following the news of …

Yearn Finance Price Surges! Will YFI Price Repeat History In The Upcoming Bull Run?

The crypto prices today were in the red, as the investors seem to be closing their positions on the major cryptocurrencies. Meanwhile, the decline in the market started on November 16, after news broke out that BlackRock officially filed for Ethereum ETF with the SEC. Although the news should have bolstered gains in the market, 
The post Crypto Prices Today: BTC, Pepe Coin Decline While YFI Rallies appeared first on CoinGape.

Crypto Prices Today: BTC, Pepe Coin Decline While YFI Rallies

Thursday, November 16, 2023, marks a steady phase in the crypto economy, maintaining a value of $1.4 trillion with a modest increase of 0.44% in the last 24 hours. Concurrently, despite the seven-day downturn experienced by both bitcoin and ethereum this week, a notable 39 cryptocurrencies have achieved double-digit growth. Notably, celestia (TIA) and yearn […]

This Week’s Crypto Snapshot: TIA and YFI Soar; GAS, TRB, MKR Struggle

An Ethereum (ETH)-based decentralized finance (DeFi) protocol has exploded in price amid a recent spike in whale activity and new addresses, according to the crypto analytics firm Santiment. YFI, the native asset of automated yield-farming protocol Yearn.Finance, is trading at $10,242 at time of writing. Santiment notes that the number of YFI transactions valued at […]
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