{"id":6771,"date":"2023-11-21T10:08:46","date_gmt":"2023-11-21T10:08:46","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=6771"},"modified":"2023-11-21T09:25:47","modified_gmt":"2023-11-21T09:25:47","slug":"dydx-founder-requests-9-million-dollar-insurance","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/dydx-founder-requests-9-million-dollar-insurance\/","title":{"rendered":"dYdX&#8217;s Founder Requests 9 Million Dollar Insurance"},"content":{"rendered":"<p><strong>dYdX&#8217;s<\/strong> founder<strong> Antonio Juliano<\/strong> has indicated that the decentralized exchange platform and the <strong>Yearn. Finance<\/strong> (YFI) tokens were targeted in an attack.<\/p>\n<p>On November 17, as a result of this attack, the <strong>dYdX<\/strong> platform had to use its insurance fund when it was forced to cover <strong>$9 million<\/strong> worth of user liquidations. Juliano stated that this situation was the result of a deliberate attack on the platform.<\/p>\n<p>According to reports published on Twitter, the v3 insurance fund was used to &#8220;fill in the gaps in the liquidation processes within the <strong>YFI<\/strong> market.&#8221; The <strong>Yearn. Finance<\/strong> (YFI) token, which had risen around 170% in recent weeks, lost 43% of its value on November 17. This unexpected drop in value sparked concerns about exit scams in the crypto community.<\/p>\n<hr \/>\n<p><a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMNzVxQsw__DcAw?ceid=TR:tr&amp;oc=3\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>Follow us on Google News to keep up with our content!<\/strong><\/span><\/a><\/p>\n<hr \/>\n<p>According to allegations, the attack liquidated about $38 million positions by targeting the long positions of <strong>YFI<\/strong> tokens on the exchange. <strong>dYdX&#8217;s<\/strong> founder<strong> Antonio Juliano<\/strong> stated that the significant decrease in <strong>YFI<\/strong> and the trading losses affecting the exchange were due to market manipulation:<\/p>\n<p>&#8220;In our view, this was a definite targeted attack against <strong>dYdX<\/strong> comes with market manipulation,&#8221; and added, &#8220;We are investigating the situation with several of our partners and will be transparent about what we find.&#8221;<\/p>\n<p>According to <strong>Juliano<\/strong>, there is still $13.5 million in the v3 insurance fund, and user accounts were not affected by this incident. In a statement on Twitter, <strong>Juliano<\/strong> stated, &#8220;Although user funds have not been affected, we will carefully review our risk parameters and make appropriate changes to v3 and potentially <strong>dYdX<\/strong> <strong>Chain<\/strong> software if necessary.&#8221;<\/p>\n<hr \/>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/new-nft-series-from-binance\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>You Might Be Interested: New NFT Series from Binance !<\/strong><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>dYdX&#8217;s founder Antonio Juliano has indicated that the decentralized exchange platform and the Yearn. Finance (YFI) tokens were targeted in an attack. On November 17, as a result of this attack, the dYdX platform had to use its insurance fund when it was forced to cover $9 million worth of user liquidations. Juliano stated that<\/p>\n","protected":false},"author":1,"featured_media":6770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[2426,2428,2424,2425,2427],"class_list":["post-6771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-dydx-attack","tag-dydx-fond","tag-dydx-founder","tag-dydx-hack","tag-dydx-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>dYdX&#039;s Founder Requests 9 Million Dollar Insurance - Coin Engineer<\/title>\n<meta name=\"description\" content=\"dYdX&#039;s founder Antonio Juliano has indicated that the Yearn.Finance (YFI) token were targeted in an attack.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/dydx-founder-requests-9-million-dollar-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"dYdX&#039;s Founder Requests 9 Million Dollar Insurance - 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