Biggest hack in DeFi history: EasyFi loses $ 80 million | by Titus | The capital | April 2021

UniSwap sets a new record for decentralized finance (DeFi) and the EasyFi compound fork loses US $ 80 million due to hack. This and more in the DeFi monitor.

Decentralized finance has grown dramatically in recent months, and the overall market size has passed the historic $ 100 billion mark in just a matter of weeks. since. However, the young sector suffered a major setback this week. The value of assets managed by DeFi protocols on Ethereum (Total Value Locked) rose from a record $ 62.42 billion to $ 54.4 billion in the press time.

The total drop of 12.85% can be mainly attributed to the decline in Ethereum and Bitcoin prices. This is because these two cryptocurrencies are responsible for most of the capital linked to DeFi protocols. Still, it’s worth noting that the 12.85% drop on a weekly basis was relatively small compared to the drop in Ethereum (-9.79%) and Bitcoin (-21.19%). This is probably due to the fact that DeFi protocols now also handle a huge amount of stablecoins. For example, four of the Top five contain liquidity pools alone on UniSwap Stablecoins. As a result, the volatility of the crypto markets has less and less influence on the Decentralized Locked Total Value indicator. finance.

The DeFi project managed to grow steadily despite the Ethereum transaction costs. At time of printing, a single DEX swap costs $ 38.51, according to etherscan.io.

If the growth of the decentralized trading platform continues into the future, Hayden Adams believes there is a possibility that the exchange may be able to smash a trading volume of over US $ 500 billion. year. For comparison: Coinbase recorded a trading volume of almost 400 billion dollars since the beginning of the year. While Coinbase is still way ahead of UniSwap as one of the world’s largest crypto exchanges, it’s still remarkable how many UniSwap grew up. You should also keep in mind that UniSwap was only founded in 2018. Coinbase, on the other hand, has been active in the crypto sector since 2012.

With the help of the administration key, the hacker was also able to steal money from EasyFi’s cash pools. As a result, he looted an additional six million dollars. The admin key allows you to be able to make changes to a DeFi protocol without authorization. Usually, therefore, DeFi protocol developers only use it to the extreme the emergencies. The EASY token has lost over 76% of its value since the hack and is trading at $ 10.44 at the time of going to press.

EasyFi Hack is the biggest DeFi hack the industry has seen so far. It even surpasses the Challenge feat of the BSC โ€œMeerkatโ€ project, in which a total of US $ 31 million was lost.

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