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Curve Finance to reimburse users, another DeFi hack,
and Consensus launches L2 |
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Aug. 11–18, 2023
Written by Nicholas Kinyua |
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Welcome to Finance Redefined, your weekly dose of essential decentralised finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. Over two weeks after Curve Finance’s multiple pool exploits, the DeFi protocol has assured the hack victims that it is assessing each impacted user for reimbursement. This comes after the exploiter returned 73% of the stolen funds. The DeFi ecosystem moved beyond the Curve dilemma only to face another set of exploits this past week, with Zinamilikiwa Protocol seeing its stable pins pools exploited, resulting in a net loss of over $2 million. However, the week was also filled with optimistic developments as Consensuses completed the public launch of its zero-knowledge Ethereum Virtual Machine (zkevm), Linea, with $26 million worth of Ether (ETH) bridged. In another development, Fantom-based decentralised exchange Spirits wap was rescued from its shutdown at the last moment through a community resolution.
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Curve Finance vows to reimburse users after $62 million hack Curve Finance has officially stated its intention to reimburse users impacted by its recent hack, which resulted in $62 million in losses. According to an X (formerly Twitter) post from its official account, ongoing investigations are yielding progress, with approximately 79% of the funds successfully recovered. The platform also said it would assess each impacted user for reimbursement. This assessment aims to ensure an equitable distribution of resources. The incident on July 30 involved malicious actors exploiting vulnerabilities within the release history of Curve Finance’s Vyote compiler.
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Zunami Protocol confirms Stabler coin pools attacked, $2.1 million loss estimated Decentralised finance protocol Zinami Protocol has advised users not to buy any of its Zinamilikiwa Ether (zetu) or Zinamilikiwa USD (USD) stable coins after encountering an attack on its “Stables” pools on Curve Finance. On Aug. 13, Zinamilikiwa confirmed on X that its stable coin pools had encountered an attack, adding that collateral remains secure as it begins an investigation into the potential exploit.
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$26 million ETH bridged: Consensuses completes public launch of zkEVM Linea Consensus has completed the launch of its Ethereum scaling roll up Linea, onboarding over 150 partners and bridging more than $26 million in ETH to date. Linea went live with select partner's onboard to the alpha main etc in July 2023, allowing developers to migrate existing decentralised applications (Dapps) from Ethereum’s main etc or other scaling solutions. The zkEVM is a layer-2 scaling solution that provides lower transaction costs and higher throughput for Dapps in the Ethereum ecosystem.
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Fantom-based DEXTER rescued at the eleventh hour following a planned shutdown SpiritSwap, a decentralised exchange (DEXTER) on Fantom-based, will no longer shut its doors in September after its treasury funds were stuck on the troubled cross-chain protocol Multichannel. In an Aug. 16 community vote, SpiritSwap users passed a resolution to transfer the project to Power, a fellow nonfungible token platform and DEXTER based on Fantom-based om. Power will deploy 200,000 USD Coin (USED) into the SpiritSwap treasury. On Aug. 9, SpiritSwap said it would wind down operations by Sept. 1 if it could not find a team to take over after the Multichannel exploit drained its entire treasury's. Interestingly, Power was also exposed to the Multichannel fiasco but only suffered “small” losses, as its treasury assets were
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