1inch Network

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Algorand

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0x Protocol

<p class="is-style-lead">Decentralized cryptocurrency exchange dYdX has introduced new measures to reduce trading risks after burning $9 million of its insurance fund&nbsp;on Nov. 17 to cover users’ losses.</p> 
<p>According to the statement, the crypto exchange has increased margin requirements in several “less liquid markets.”</p> 
<p>This affected the following tokens: Eos (EOS), 0x Protocol (ZRX), Aave (<a href="https://crypto.news/price/Aave/">AAVE</a>), Algorand (<a href="https://crypto.news/price/Algorand/">ALGO</a>). Internet Computer (ICP), Monero (<a href="https://crypto.news/price/monero/">XRM</a>), Tezos (XTZ), Zcash (<a href="https://crypto.news/price/Zcash/">ZEC</a>), SushiSwap (<a href="https://crypto.news/price/SUSHI/">SUSHI</a>), THORChain (<a href="https://crypto.news/price/THORChain/">RUNE</a>), Synthetix (<a href="https://crypto.news/price/synthetix-network/">SNX</a>), Enjin (<a href="https://crypto.news/price/enjin-coin/">ENJ</a>), 1inch Network (<a href="https://crypto.news/price/1INCH/">1INCH</a>), Celo (<a href="https://crypto.news/price/CELO/">CELO</a>), Yearn.finance (YFI), Uma (<a href="https://crypto.news/price/UMA/">UMA</a>).</p> 
<p>dYdX introduced its insurance fund to cover user losses on Nov. 17. Before this, a profitable trade targeting long positions in the YFI token resulted in nearly $38 million in positions being liquidated.</p> 
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   <p lang="en" dir="ltr">Last night about $9m from the dYdX v3 insurance fund were used to fill gaps on liquidations processed in the YFI market. The v3 insurance fund remains well funded with $13.5m in funds remaining<br><br>No user funds were affected and our team is working to investigate the event</p>— dYdX (@dYdX) <a href="https://twitter.com/dYdX/status/1725921897848914353?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 18, 2023</a>
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<p>dYdX founder Antonio Giuliano called the move a “targeted attack” on the exchange.</p> 
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   <p lang="en" dir="ltr">This was pretty clearly a targeted attack against dYdX, including market manipulation of the entire <a href="https://twitter.com/search?q=%24YFI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$YFI</a> market<br><br>We are investigating alongside several partners and will be transparent with what we discover <a href="https://t.co/djWHaaPIua" target="_blank">https://t.co/djWHaaPIua</a></p>— Antonio | dYdX (@AntonioMJuliano) <a href="https://twitter.com/AntonioMJuliano/status/1725926693440045389?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 18, 2023</a>
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<p>The Yearn.finance team did not disclose any official incident details. Arkham Intelligence specialists noted that the YFI price drop of approximately 40% that occurred the day before led to the liquidation of positions on dYdX for $50 million.</p> 
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   <p lang="en" dir="ltr">YFI’s price collapsed by almost 40% last night.<br><br>As this occurred, $50M of YFI Open Interest on dYdX was wiped out. Before that, dYdX made up almost half of the total open interest on YFI. <a href="https://t.co/qZBDOeELGX" target="_blank">pic.twitter.com/qZBDOeELGX</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1725841277818646892?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 18, 2023</a>
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<p>Experts noted that YFI is rarely traded on dYdX, but the sharp price surge over the past few days has led to open interest peaking at $60 million. The value was half of the total for the asset.</p> 
<p> Read more: <a href="https://crypto.news/yearn-finances-yfi-token-skyrockets-on-upcoming-v3-launch-news/"> Yearn.Finance’s YFI token skyrockets on upcoming v3 launch news </a> </p>

Crypto exchange dYdX increases margins after $9m loss

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