📉 CREAM Finance Exploited for $130M in DeFi’s Third-Largest Hack
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Hackers Ransack CREAM
“We are investigating an exploit on C.R.E.A.M. v1 on Ethereum and will share updates as soon as they are available,” the CREAM Twitter account noted.
The attack would be the third-largest in DeFi according to Rekt. It may be the latest example of hackers using flash loans (loans that are executed without the need of collateral as long as they’re paid back in a single blockchain block) to exploit every last loophole they can find in the open source code across decentralized finance.
According to the CREAM app, there is hardly anything left inside the v1 vaults.
Paradigm Backs Cosmos AMM
Cross-blockchain interoperability will require exchanges that don’t care what chain a token is on or what chain it’s going to. That vision is being validated today by some of the largest investors in crypto.
Osmosis, a decentralized exchange in the Cosmos ecosystem, today announced a $21M sale of tokens from the Osmosis Foundation treasury, in a round led by Paradigm. Other investors included Robert Leshner’s scout fund, Robot Ventures, Nascent, Ethereal, Figment and Terraform Labs CEO Do Kwon.
Robin Schmidt takes you through the most controversial project in the digital asset space today.
Camila Russo and Robin Schmidt are joined by Real Vision co-founder Raoul Pal to discuss Bitcoin ETF(s), algorithmic stablecoins, and the regulatory headwinds facing crypto.
Today Veve announced that Disney will offer non-fungible tokens (NFTs) of its characters as part of a promotion for its streaming video channel Disney+. The NFTs will be “Golden Moments,” which feature golden statues of the characters as digital collectibles.
The first upgrade on Ethereum’s proof-of-stake chain has been deployed successfully but that hasn’t stopped prices from declining.
The President of El Salvador, Nayib Bukele tweeted earlier today that his government has taken advantage of the recent Bitcoin price drop and added 420 additional BTC to the nation’s stash.
The seven-month-old protocol, which at press time held over $800 million in crypto assets, said Jump Capital and Alameda Research led the “strategic investment.
Crypto trade associations reported an unprecedented third quarter for lobbying spending, disclosures filed with Congress in the past few days show.
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Abracadabra To Offer Supercharged Stablecoin Yields By Leveraging Terra’s Anchor Protocol “Degen” traders are likely salivating at an announcement by DeFi’s rising star Daniele Sestagalli, claiming that they will soon be able to earn high yields from their stablecoins thanks to a new cross-chain, leveraged yield farming protocol.
OlympusDAO’s Success Inspires Dozens of Forks They say imitation is the highest form of flattery. In crypto, this manifests as forks, or copies of a project’s codebase. In that sense, OlympusDAO must be feeling pretty flattered.
DeFi 2.0 Wave of New Projects Test Liquidity Mining Alternatives Projects like OlympusDAO, Fei Protocol, and Alchemix, are all experimenting with new ways of capturing users with the new challenge of getting them to stay.
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🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad and yyctrader, and edited by Edward Robinson, Bailey Reutzel, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.
The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).