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Aave tokenholders are voting on three proposals that could reshape the protocol’s exposure to the Curve DAO token. The Aave community is seeking to reduce its protocol exposure to the Curve DAO token, with two proposal s open for voting on Aug. 10. The move comes in an attempt to limit the risk posed to the lending protocol by the large borrowing position held by Curve Finance founder Michael Egorov. Curve DAO (CRV) is the native token of the decentralized finance (DeFi) protocol Curve Finance. Egorov deposited over 30% of CRV’s total market capitalization as collateral to take out nearly $60 million in loans on Aave v2. However, Curve’s hack on July 30 impacted its token price, making Egorov’s position vulnerable to liquidation. Until Aug. 12, Aave tokenholders can vote on two proposal s. One seeks to reduce the liquidation threshold by 6% for CRV on Aave v2, which could result in user accounts becoming subject to liquidation upon approval. The second disables borrowing of CRV on...

The Multichain team said that the team’s funds and access to servers are currently with their CEO Zhaojun who is under Chinese police custody. Cross-chain router protocol Multichain has announced that it is "forced to cease operations " because of the lack of operational funds . The announcement follows a report from blockchain analytics firm Chainalysis saying that withdrawals appear to be a “rug pull” by insiders.  On July 14, Multichain’s official Twitter account announced that it will be finally halting its operations . The team said that a “lack of alternative sources of information and corresponding operational funds ” has forced them to shut down their business activities. 1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had… — Multichain (Previ...

Some Multichain contracts on Ethereum suffered withdrawals of more than half of their deposits, causing on-chain sleuths to fear an exploit is underway. Abnormally large outflows from the Multichain MPC bridge platform on July 6 have sparked fears that an exploit could be underway. Over $102 million worth of crypto has been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver. Multi chain likely hacked. Exit all multi chain assets. Good idea to revoke approvals to multi chain bridge if you had any — Curve Finance (@CurveFinance) July 6, 2023 On July 6, 7,214 Wrapped Ether (WETH) tokens (worth $13.6 million), 1,024 Wrapped Bitcoin (WBTC) (worth $31 million) and $58 million worth of US Dollar Coin (USDC) were withdrawn from the Fantom bridge’s Ethereum smart contract, with a total of approximately $102 million in cryptocurrency withdrawn. July 6 withdrawals from the Multichain Fantom Bridge contract o...

Crypto exchange Algodex and wallet provider MyAlgo have both suffered security breaches in the last few weeks. Algorand-based wallet provider MyAlgo has again urged users to withdraw their funds after a February security breach which doesn’t appear to have been resolved. Update: Funds are still being actively drained from MyAlgo users. https://t.co/fzkS9PFkAm pic.twitter.com/cgrWigu2Wn — ZachXBT (@zachxbt) March 6, 2023 Meanwhile, decentralized exchange Algodex has revealed a malicious actor infiltrated a company wallet on Mar. 5 in what “appears to be similar to what is currently happening in the Algorand ecosystem,” it said in a Twitter post. In a Mar. 6 post, Algodex explained that during the early hours of the previous morning, a company wallet was infiltrated by a malicious actor. According to Algodex, precautions were taken before the attack, including moving the bulk of their USDC and treasury tokens ALGX tokens to secure locations. #PeckShieldAlert @AlgodexOfficial re...

In a recent tweet, on-chain crypto detective ZachXBT said that the hackers have been moving $64 million in the last weekend. Security teams at crypto exchanges Binance and Huobi worked together to freeze and recover 121 Bitcoin (BTC) from hackers behind the Harmony bridge exploit.  In a tweet, Binance CEO Changpeng Zhao announced that the hackers have tried to launder their funds through the Huobi exchange. After this was detected by Binance, they contacted and assisted Huobi to freeze and recover the digital assets deposited by the hackers. We detected Harmony One hacker fund movement. They previously tried to launder through Binance and we froze his accounts. This time he used Huobi. We assisted Huobi team to freeze his accounts. Together, 124 BTC have been recovered. CeFi helping to keep DeFi #SAFU! — CZ Binance (@cz_binance) January 16, 2023 According to Zhao, the exchanges recovered a total of 121 BTC, which is estimated to be worth around $2.5 million at the time of w...