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There’s now a case study for how DeFi can go awry.bZx, the eighth-largest decentralized finance project according to DeFi Pulse, suffered two attacks last weekend following the introduction of “flash loans,” a new DeFi feature that limits a trader’s risk while improving the upside. Led by CEO Tom Bean, the bZx
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Sergey Nazarov joins today's episode of The Breakdown to discuss the role of price oracles in the recent DeFi attacks, plus what DeFi can learn from early exchange hacks.The DeFi world continues to dissect the recent attacks on bZx. To most, the amount lost in the attacks is far less
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During the second week of February, a new project called tBTC was unveiled that is similar to the Wrapped Bitcoin (WBTC) created
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Are two recent attacks taking advantage of "flash loans," low liquidity and price oracle issues the first of more to come?Part of what makes decentralized finance, or DeFi, interesting to people is how it takes advantage of open-source protocols to enable types of transactions never before available. The problem, however,
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As initial coin offerings and their derivatives continue to fade, venture investment in the space has steadily picked up pace. Cointelegraph sat down with Michael Anderson, co-founder of Framework Ventures, to learn more about his investment philosophy and outlook on the ecosystem.Anderson’s most notable investments are Chainlink (LINK) and
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Bad actors have made off with $630,000-worth of the ether (ETH) cryptocurrency after exploiting a price feed of the ethereum-based lending project bZx. The attack – the second in less than a week – began at just after 03:00 UTC Tuesday, when attackers apparently took out a flash loan of
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In his 1991 book, "Crossing the Chasm," management consultant Geoffrey Moore defined a crucial gap between the early adopters of a new technology and the larger populations of users that come later. Decentralized finance (DeFi) may now be approaching a gap of its own. This article focuses on DeFi services that
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Trustless insurance has arrived on decentralized finance (DeFi). At least on the Compound protocol, the collateralized lending platform that runs on ethereum. The new product, from a company called Opyn, allows people to take out options on stablecoin deposits, allowing users to hedge against the risk of a catastrophic event wiping
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The token industry is applauding SEC Commissioner Hester Peirce’s “Safe Harbor” proposal, calling it a mature response to the 2017 ICO bubble.Announced the day before decentralized finance (DeFi) protocol 0x’s 0xpo conference last Friday in San Francisco, founders, lawyers and tokenization fanatics of all stripes said the proposal a boon
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The RSK project announced the creation of Token Bridge, an interoperability protocol between the Bitcoin-pegged sidechain and Ethereum, on Feb. 6. It could have important implications for the burgeoning decentralized finance (DeFi) ecosystem.RSK is a smart contract platform attached as a sidechain to the Bitcoin (BTC) blockchain. It uses
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