An unsung hero saves the DeFi protocol from a potential exploit: Finance Redefined

Analytical data reveals that DeFi's total value recorded further decline, with total value locked (TVL) falling below 50 billion dollars at the time of writing.

Newsletter

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.

Last week's headline was dominated by some of the biggest DeFi hacks. This week is a time of redemption for many DeFi protocols that either avoided a hack attempt or recovered a significant portion of their stolen funds.

The BitBTC bridge allegedly had a bug that would essentially allow an attacker to create fake tokens on one side of the bridge and exchange them for real ones. However, a Twitter user was able to foresee the vulnerability and notified the cross-bridge platform.

The Moola Market attacker earned around half a million dollars in 'bug bounty' after opting to return the majority of the cryptocurrency he mined from the Celo-based lending protocol . Cryptocurrency maker Wintermute repaid a $92 million TrueFi loan on time despite a $160 million hack.

The Mango Market hackers who returned a significant chunk of the stolen $117 million to Protocol could still face legal action despite Protocol's decision to award it a $50 million bounty.

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The top 100 DeFi tokens remained bearish for another week as the majority of tokens were trading red, except for a few. The total value locked also remained below $50 billion for the second week in a row.

Twitter User Saves Cross-Chain Bridge From Potential Exploit

A cross-chain bridge between BitBTC and the Ethereum Layer 2 network. Optimism was able to avoid a potentially costly exploit thanks to the work of an eagle-eyed Twitter user.

The custom cross chain bridge provides a ramp for users ...