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Showing posts with label Badger Defi and MonoX. Show all posts
Technology
Badger Defi and MonoX Crytocurrency Decentralized Finance DeFi DeFi Exchange DeFi Platforms Technology

DeFiChain: DeFi Boosts with Decentralized Assets

 

Decentralized Finance (DeFi), based on Blockchain and Cryptocurrency, has emerged as a prominent technology. It has grown to become an alternative to the traditional centralized system that relies on financial intermediaries like banks for exchanges or financial transactions. It uses ‘Smart Contracts’ on Blockchain-based technology, allowing users a new way to invest, trade, sell, loan or exchange. 

Limitation of Decentralized Finance (DiFi)

Operating as a small financial system in an emerging global movement, DeFi has become visibly popular in the past few months. Decentralized Finance, via Blockchain, has led to an increase in financial security and transparency for users. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has been able to launch a network of integrated protocols and financial instruments, that are now worth over $13 billion of value locked in Ethereum Smart Contracts. 

However, along with its advantages, there are some limitations of Decentralized Finance. DeFi being a decentralized system does not allow centralized assets to interact, such as stock options, commodities, and indices. 

What is DefiChain?

DeFiChain comes as a rescue for Decentralized Finance. DeFiChain is a Blockchain system specifically dedicated to Decentralized financial applications by introducing decentralized assets, it bridges the gap with the centralized assets without compromising their DeFi platform with centralism. 

A decentralized asset, also termed as dAsset or dToken, is a token on the DeFiChain blockchain that provides you a price exposure to real-world stocks. For instance, for the stocks, TSLA, APPL, FB, there exist dTSLA, dAPPL, dFB, each of which attempts to mirror the price of the real stock. 

These creations can thus allow the DeFiChain user to buy decentralized assets, so now the user is provided with a method of trading stocks on a decentralized system. DeFiChain has now become a groundbreaking system for investors. While a traditional investor, after buying stocks, will only be able to make money once he has earned profit from the stocks. Once a user buys one of their dToken assets, they will be able to put that into a liquidity mining pool. This will not only enable the investor to make a profit from their dToken when it goes up in value, but also make passive income from their dAssets. 
 
DeFiChain, with the introduction of decentralized assets (dAssets), has changed the game for Decentralized finance. With incredible user benefits, be it the decentralization of assets or making incredible passive income, DeFiChain is emerging as a prominent blockchain ecosystem.
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Tokens
Badger Defi and MonoX Cybersecurity Breach Data Breach Hackers Steal Money Hacking. Tokens

Hackers Drained $120m From Badger Defi and $30m From MonoX

 

Two decentralized finance platforms BadgerDAO and MonoX had witnessed security breaches in two separate attacks in which hundreds of millions of dollars worth of cryptocurrency has been drained by the threat actors. 

The threat security research unit of BadgerDAO Company discovered the attack on 2nd December wherein a malicious group has stolen $120 million, while MonoX lost $31 million to unknown attackers on November 30th. 

As per the blockchain security and data analytics Peckshield organizations, which are working with BadgerDAO to investigate the further heist, the various tokens that have been stolen in the attack are worth more than $120 million, the researchers told in their findings. 

As soon as the Badger got to know about the unauthorized transfers, it had stopped all smart contracts, essentially freezing its platform, and warned its clients to decline all transactions to the hackers’ addresses. 

The company has reported that it has “retained data forensics experts Chainalysis to explore the full scale of the incident & authorities in both the US & Canada have been informed & Badger is cooperating fully with external investigations as well as proceeding with its own.” 

On the other hand, MonoX has acknowledged the breach and explained in a blog post that the breach occurred after a group of hackers exploited a vulnerability in smart contract software; Smart contracts are digital contracts stored on a blockchain that is automatically executed when all terms and conditions are met. 

It is being estimated that the group of hackers has managed to steal more than $ 30 million in funding, mostly MATIC and WETH. A “swap method was exploited and the price of the MONO token has risen to a new high”, the company reported. 

“The exploit was caused by a smart contract bug that allows the sold and bought token to be the same. In the case of the attack, it was our native MONO token. When a swap was taking place and tokenIn was the same as tokenOut, the transaction was permitted by the contract”, the company added.

Furthermore, as listed below, Igor Igamberdiev, an IT security researcher was able to break down the stolen tokens. He uploaded the list on his Twitter handle. 

1. – 5.7M MATIC ($10.5M) 
2. – 3.9k WETH ($18.2M) 
3. – 36.1 WBTC ($2M) 
4. – 1.2k LINK ($31k) 
5. – 3.1k GHST ($9.1k) 
6. – 5.1M DUCK ($257k) 
7. – 4.1k MIM ($4.1k) 
8. – 274 IMX ($2k)
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