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A single trader has built up a massive position on the cryptocurrency exchange dYdX against the Yearn Finance’s YFI token, to the point that open interest for it jumped over 8,000% ahead of a price crash that the exchange’s founder said was part of an attack to drain its insurance fund. The attack saw open

‘Well-Capitalized’ Trader Triggers $300 Million Market Cap Wipeout Through ‘Intentional Market Manipulation’

An Ethereum-based (ETH) decentralized exchange (DEX) has suffered millions of dollars in losses after an alleged market manipulation attempt by a rogue user. In a new thread on the social media platform X, the DEX protocol dYdX says that $9 million from its insurance fund was used to fill gaps in liquidations processed in the The post Ethereum-Based Decentralized Exchange dYdX Suffers $9,000,000 Loss in an Alleged ‘Market Manipulation Attempt’ appeared first on The Daily Hodl .

Ethereum-Based Decentralized Exchange dYdX Suffers $9,000,000 Loss in an Alleged ‘Market Manipulation Attempt’

Keep3rv1 is the native cryptocurrency of the Keep3r Network platform, which can be described as a decentralized marketplace for technical tasks. The key figure at the helm of this project is Andre Cronje, the founder of yearn.finance. The post What si Keep3rv1? appeared first on COINTURK NEWS.

What si Keep3rv1?

dYdX has recently revealed an intentional incursion on their YFI token market and an intervention into market dynamics. Antonio Juliano, the founder of dYdX, revealed the case and identified the hack’s vulnerability. The dYdX’s team used the $9 million from the dYdX v3 insurance fund to minimize the consequences caused by the attack. This measure …

dYdX faces targeted attack, founder Antonio Juliano reveals

Decentralized cryptocurrency exchange dYdX has introduced new measures to reduce trading risks after burning $9 million of its insurance fund on Nov. 17 to cover users’ losses. According to the statement, the crypto exchange has increased margin requirements in several “less…

Crypto exchange dYdX increases margins after $9m loss

The post Yearn.Finance’s Bullish Run: Is Price Manipulation at Work? appeared first on Coinpedia Fintech News The world of decentralized finance (DeFi) is certainly an interesting and dynamic one! Yearn.finance (YFI) has recently stolen the spotlight, impressing investors with its outstanding performance in yield farming. This mid-sized altcoin, boasting a total value locked (TVL) of about $332 million, has surged by a whopping 75% in the last four weeks. As of …

Yearn.Finance’s Bullish Run: Is Price Manipulation at Work?

Crypto whales sold off millions of dollars worth of yearn.finance on Saturday prior to YFI sharply correcting by over 40%, according to on-chain data. Spotted by blockchain-tracking firm Lookonchain, one wallet deposited the better part of $5.8 million worth of YFI to crypto exchanges, likely to be sold off on the open market. “Why did The post Crypto Whales Sell Off Ethereum (ETH)-Based Altcoin Before Massive 40% Correction: On-Chain Data appeared first on The Daily Hodl .

Crypto Whales Sell Off Ethereum (ETH)-Based Altcoin Before Massive 40% Correction: On-Chain Data

The decentralized exchange increased margin requirements on several markets on Nov. 18, after an alleged targeted attack on the YFI token triggered massive liquidations.

dYdX raises margin requirements in some markets, bans “highly profitable trades”

dYdX had to take out millions from its insurance fund to cover user liquidations on its platform. This action was forced after the recent liquidations in the Yearn.Finance (YFI) market. The post dYdX Withdrew About $9 Million To Fill Gaps After Liquidations In The YFI Market appeared first on BitcoinWorld .

dYdX Withdrew About $9 Million To Fill Gaps After Liquidations In The YFI Market

Recent data analysis reveals a significant decline in the performance of YFI, the native token of the Yearn Finance platform. In a dramatic overnight development, the native token of the Yearn Finance ecosystem witnessed a staggering 40% plunge. This downturn in YFI’s performance prompts a closer examination of the intricate dynamics within the decentralized financial landscape. The abrupt and substantial drop has ignited a wave of speculation within the community, with some expressing concerns about the possibility of an exit scam. Much of its recent profits was wiped by the slump. Investors quickly sold off their holdings in YFI in response to the wider selloff that had shook the cryptocurrency market as a whole, which caused a sudden shift in value. Related Reading: Kaspa Binance Listing Sparks Frenzy: 50% Price Surge Captures Investors’ Interest Yearn Finance Suffers An Apparent Exit Scam As users seek to navigate and capitalize on the potential returns of the crypto market, the fluctuations in YFI’s value underscore the inherent volatility and complexity of DeFi environments. Specifically, YFI plummeted from $15,450 to $8,950 within a mere 24-hour period. This sharp and rapid descent represents a substantial loss of $6,510 in the value of YFI. The price of YFI has seen a noteworthy rising trend during the last seven days. The asset was trading at almost $9,000 just a week ago. But it quickly gained momentum and by Friday, it had reached its highest price point in more than a year—above the $15,000 level. JUST IN: Yearn finance ( $YFI ), one of the biggest platforms in the DeFi ecosystem, has just plummeted over -45% in an apparent exit scam by insiders. Nearly half of the entire supply for YFI is held by 10 wallets, and over $250 million in market value has vanished in minutes pic.twitter.com/pMqonBcgux — WhaleWire (@WhaleWire) November 18, 2023 In a matter of hours, the market capitalization experienced a significant decline, with almost $250 million disappearing. The market cap plummeted from $525 million to $275 million. It is once again seeing an upward trend; however, investor sentiment has been negatively impacted by the abrupt decline. The recent sell-off has incited a weekend characterized by fear, uncertaintly and doubt (FUD) among members of the cryptocurrency community. According to certain users on X (formerly known as Twitter), there are assertions made regarding the distribution of the token supply, suggesting that 50% of the tokens were held within 10 wallets under the supervision of engineers. It appears that Yearn Finance $YFI was rugpulled One of the biggest DeFi platforms plummeted over -50% in an exit scam by insiders Approx half of the entire supply for YFI is held by ~10 wallets. Over $250 million in market value has vanished in a few hours pic.twitter.com/Y1TbtlkltC — Solid 堅固 (@SolidTradesz) November 18, 2023 Nevertheless, according to data from Etherscan, it is indicated that a portion of these holders could potentially be wallets associated with cryptocurrency exchanges. The rollercoaster ride in YFI’s market hasn’t just been a wild descent; it’s been a game-changer for crypto traders riding the waves of this digital asset’s fortune. Source: Etherscan Crypto Holders Lose Nearly $5 Million According to insights from derivative market tracker, CoinGlass, the recent nosedive in YFI has left crypto enthusiasts nursing a whopping $4.99 million in losses through liquidations. Those traders who wagered on YFI’s upward trajectory found themselves taking the most substantial hit in the aftermath of the digital asset’s dramatic crash. It’s not just numbers on a chart; it’s a tale of high-stakes bets and unforeseen twists in the ever-unpredictable world of crypto trading. Zooming in on the details, according to CoinGlass data, the brunt of the blow in the near $5 million total liquidations is borne by long positions, tallying up to a substantial $3.5 million in losses. YFI market cap at $309 million on the weekend chart: TradingView.com Related Reading: Crypto Acceptance Grows As Fidelity Joins Race For A Spot Ethereum ETF The majority of these traders find themselves navigating the aftermath on platforms such as the giant Binance, alongside participants from Bybit and OKX. It’s a vivid snapshot into the crypto battleground, where the casualties of this market turbulence are felt by those who took bullish positions, and the ripples extend across some of the most prominent exchanges in the digital arena. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Markus Spiske/Unsplash

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