DeFi Herald: Justin Sun Withdraws Billions of Dollars from Aave Pools and Cream Finance Hacked Again

DeFi Herald: Justin Sun Withdraws Billions of Dollars from Aave Pools and Cream Finance Hacked Again

The Decentralized Finance (DeFi) sector continues to attract increased attention from cryptocurrency investors. ForkLog collected the most important events and news of the last weeks in a digest. Main indicators of the DeFi segment

The volume of blocked funds (TVL) in DeFi-protocols grew to $ 241.04 billion. The leader in terms of this indicator is still the Curve Finance protocol ($ 19.14 billion). The MakerDAO project climbed to the second line of the rating ($ 17.44 billion), Aave ($ 14.93 billion) – dropped to the third. Data: DeFi Llama. Defi Llama includes a group of tokenized bitcoins in the total. WBTC with an indicator of $ 14.09 billion took the fourth line of the rating. The aggregate value of bitcoins on air was $ 18.22 billion.

TVL in Ethereum applications increased to $ 162.67 billion.Over the past 30 days, the indicator grew by 31% (on September 30, the value was $ 123.92 billion). Data: DeFi Llama. Trading volume on decentralized exchanges (DEX) over the past 30 days was $ 88.8 billion.

Uniswap continues to dominate the non-custodian exchange market, accounting for over 66% of total turnover. The second DEX in terms of trading volume is SushiSwap (15.9%), the third is Curve (6.5%). Justin Sun Withdraws Billion Dollar Cryptocurrency From Aave Pools

Tron founder Justin Sun has pulled a significant portion of the liquidity from the pools of the DeFi Aave protocol. His actions led to an increase in interest rates. Sun could have taken such a step because of a Twitter discussion about the existence of a vulnerability in Aave.

According to the developer under the pseudonym banteg, the vulnerability in Aave could result in “11-figure losses.” He later clarified that the exploit was possible “for 160 days in the past, but not now.”

None of the developers have published evidence of a vulnerability in Aave. After the discussion, the founder of the project Stani Kulechov called on the crypto community to stick together and support each other. Gary Gensler reiterates the need to regulate DeFi

Chapter SEC Gary Gensler said that the innovativeness of the DeFi sector does not exempt it from regulation. He compared decentralized finance to P2P lending and stressed that financial stability and public safety issues come first. Swiss crypto bank SEBA opens access to DeFi and staking for institutions

Adjustable FINMA cryptocurrency bank SEBA announced the launch of SEBA Earn. The service will allow institutional clients to generate income from crypto lending operations, DeFi and staking cryptocurrencies, including Cardano, Polkadot and Tezos. Experts pointed to risks for DeFi in the final version of the FATF regulations

28 of October FATF published a revised and revised version of the guidelines for the cryptocurrency industry. The organization has set standards for the DeFi sectors and NFT…

According to experts, the document does not contain clear and narrow restrictions on oversight functions. They also noted that developers may have difficulty deploying DeFi protocols and noted that even the infrastructure plan looks better against the background of the recommendations presented. Investing in DeFi

Chinese Venture Firm Sino Global Capital announced the launch of a $ 200 million fund. The funds will go to support startups in the Solana and Ethereum networks, including those related to DeFi and NFT infrastructure.

Cryptocurrency Merchant Bank Galaxy Digital and venture companies Multicoin Capital and Variant announced planned investments in cryptocurrency startups in the amount of $ 325 million, $ 250 million and $ 110 million, respectively.

France-based licensed prime broker SheeldMarket raised $ 10 million following the Series A round of financing. The funds received will be used by the company to develop financial derivatives and the development of institutional-oriented DeFi services, similar to Aave Arc.

Multi-chain liquidity protocol Symbiosis Finance completed a $ 2 million seed round of funding led by Ventures.

The project will allow to exchange tokens between major native DeFi networks such as Ethereum, Binance Smart Chain, Polygon, Avalanche, as well as EVM-compatible networks and L2 solutions. Hacks and scams

Decentralized protocol Cream Finance has once again been hacked. The damage from the attack was estimated at $ 130 million.

Analyst firm PeckShield said the attack was possible due to a bug that “allows you to borrow all the funds in the current loan pools.” Together with the developers of, the administration managed to identify and close the vulnerability.

The attack vector involved the use of instant loans in complex transactions. Most of the stolen assets are represented by Cream Finance liquidity provider tokens and other ERC-20 coins.DeFi protocol PancakeHunny […]

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