dYdX prevents a $2M security issue with a newly deployed smart contract
dYdX, an Ethereum-based Layer 2 Protocol, was notified of a possible security breach that white hat coders prevented from a successful implementation. The platform is one of the most trending exchanges known for its non-custodial nature.
dYdX prevents loss of funds
dYdX allows users to leverage trade using smart contracts and has attracted a huge number of users all well. Recently, users witnessed a huge surge in daily volumes of the platform, reaching a whopping $10 billion mark!"At 05:21 UTC today, the dYdX team was alerted of a security issue with a newly deployed smart contract," said the decentralized exchange (DEX) in a tweet.As per the details, the recovery of the funds which were at risk was done with the help of white hat hackers and Sam Sun, better known as Samczsun. These funds of 700 accounts were transferred to a smart escrow contract during the white hat recovery.
The owners who set an allowance to deposit funds were asked not to initiate transfers until the dYdX team completes the entire process and the risk is over.
"If you have set allowance to deposit funds to the dYdX Layer 2 Perpetuals product since Wednesday 11/24 DO NOT SEND ADDITIONAL FUNDS TO YOUR WALLET UNTIL COMPLETING THE RECOVERY STEPS at http://trade.dydx.exchange," said another tweet.According to a recent report by Elliptic, such fraudulent activities on Decentralized Finance (DeFi) platforms have led to a cumulative loss of around $10.5 billion for the year 2021.
Token crash
The dYdX platform is trending today due to this sudden attack on the network. As per data from CoinMarketCap, the token opened the daily candle at $12.9 and reached a daily low of $11.5. There was a 6.59% drop in market capitalization as well.However, the DYDX token has performed extremely well in recent weeks. The prices started the month of September at $3 and reached a high of $27.8, which was an all-time high. As of 2:29 p.m. UTC, the token's value is 56% low from this all-time high.
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