Search the Community
Showing results for tags 'fantom'.
According to a recent tweet by blockchain security firm PeckShield, Deus Finance has suffered a flash loan exploit on the Fantom Network which netted the attacker roughly $13.4 million in crypto assets. The attacker took advantage of a flash loan to fool Deus' smart contracts into reading data from the platform's liquidity pools. This allowed the attacker to raise the value of some assets artificially, borrow funds, and profit after repaying the loan. This is the second exploit faced by Deus Finance in the past two months. Flash loans, first introduced by DeFi lending platform Aave, were intended for arbitrage trading and capital efficiency. However, hackers have taken use of them to corrupt DeFi price data feeds (oracles) and carry out exploits. https://www.theblockcrypto.com/linked/143969/deus-finance-flash-loan-exploit-nets-hacker-13-million/
The Fantom Foundation, the organisation behind the famous FTM token has now commented fully on the departure of advisor and ‘DeFi Godfather’, Andre Cronje, from the decentralised finance space. Recent days saw Cronje delete his social media and announce, via a friend, Anton Nell, that he would be permanently leaving the industry. Cronje and Nell were two of FTM’s most well-known developers and their departure has caused a disturbance in both price and community action. In the wake of a damning piece by Rekt, the Fantom Foundation responded with the following: “Andre and Anton did not ‘terminate’ 25 projects. Instead, any involvement (such as user interface) in these projects was to be handed over to the existing teams, many of whom had been developing and running independently.” The foundation further explained that neither Cronje nor Nell were ‘core’ developers for Fantom. Nonetheless, Fantom’s TVL appears to have fallen from $11.26 billion to $8.27 billion in the aftermath of the announcements. https://cointelegraph.com/news/fantom-foundation-issues-clarification-statement-about-departure-of-andre-cronje-and-anton-nell