Hacker attempts to exploit bridge protocol but fails miserably: Finance redefined

Finance Redefined is your weekly dose of essential Decentralized Finance (DeFi) insights. This newsletter was created to highlight the most significant developments in the past week.

The week leading up to September 15th’s Ethereum Merge saw some significant developments. Bitfinex is the latest crypto exchange that has endorsed the chain split token.

DeFi bridge hacks are becoming a common occurrence this year. However, Rainbow Bridge developers managed to stop an exploit attempt in less than a second, leading to the hacker losing his safety deposit.

Tornado Cash’s developer was taken into judicial custody for 90 days while he awaits trial. The crypto community was not happy with this development. They actively supported the developer and accused the authorities for limiting freedom.

Cardano’s Vasil hard fork and Vasil testnet ran into problems again this week. Charles Hoskinson, founder of Cardano, took to Twitter to dispute the claims that the Vasil hardfork is “incredibly corrosive” and was damaging.

The week ended with mixed price action for the top 100 DeFi tokens. Most traded in the red, except for a few tokens showing double-digit growth.

Hacker tries to exploit bridge protocol, fails miserably

Malicious entities are increasingly targeting cross-chain bridges. Hackers are not always able to make millions. Some hackers end up losing their money.

Alex Shevchenko (CEO of Aurora Labs) shared the story of a hacker trying to exploit the Rainbow Bridge. However, he lost 5 Ether ( ETH), which is worth approximately $8,000 at the time.

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Bitfinex launches new tokens for chain split ahead of Ethereum Merge

Bitfinex Derivatives company iFinex announced Tuesday that a new service was available for users prior to the highly anticipated Ethereum Merge. The exchange now provides Ethereum Chain Split Tokens.

The two systems that are involved in the Merge are represented by the tokens: ETHW (which is proof of work (PoW), and ETHS (which is proof of-stake) Bitfinex has released new trading tokens to allow users to trade on potential forking events. These coins will be made available on the Bitfinex derivatives platform.

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Backlash against Tornado Cash developer being held in prison for 90 days

A Dutch judge ruled that Tornado Cash developer AlexeyPertsev must remain in prison for another 90 days while awaiting charges. The decision left the crypto community puzzled and they demanded the release of Pertsev.

Ryan Adams, crypto investor, stated in a tweet that Pertsev was doing something for the public by using his code contributions. He said that “a few bad people” had chosen to use Pertsev’s code, and that now Pertsev must suffer the consequences.

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What is the deal with Cardano’s testnet, Vasil hard fork and Cardano’s testnet?

Charles Hoskinson, Cardano founder, has refuted claims that Cardano’s testnet was “catastrophically damaged,” which implies the need to finally get the Vasil hard fork.

Hoskinson expressed frustration over some videos that claimed Cardano’s testnet had a “catastrophic issue”. This stems from a Friday thread by Adam Dean, Cardano ecosystem development.

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Overview of the DeFi market

Analytical data shows that DeFi’s total locked value suffered a $3 billion drop from the previous week due to the market dip towards the end. At the time of writing, the TVL value was $63.26 billion. TradingView and Cointelegraph Markets Pro data show that DeFi’s top 100 tokens based on market capitalization had a mixed week. Some tokens traded in red, while others showed double-digit gains.

Theta Fuel (TFUEL), the largest gainer, saw a weekly increase of 19.94%. Curve DAO’s CRMV experienced a 11.76% rise. Convex Finance’s CVX climbed by 9.48% in the weekly charts. PancakeSwap’s CAKE saw an increase of 7.56%.

We are grateful that you have read our summary of the week’s most important DeFi developments. For more information, insight and education on this rapidly changing space, join us next Friday.

Opinion writer on 7trade7