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DeFi bug results in loss of $8m in Ethereum, Chainlink, and stablecoins

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DeFi bug results in loss of $8m in Ethereum, Chainlink, and stablecoins

CryptoSlate3 days ago
Published on September 15, 2020 09:30 GMT+0edited on September 15, 2020 09:35 GMT+0

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Decentralized finance has undoubtedly grown exponentially over the past few months, with the value of DeFi coins and the value of cryptocurrency locked in these contracts simultaneously going parabolic.

What’s crazy is that DeFi went months without a hack or a major bug that resulted in a loss of user funds despite a strong uptick in users, capital in the space, and a sheer number of protocols.

There was the infamous Yam bug, of course, but that was a small-scale bump of $500,000-750,000 in a multi-billion-dollar industry.

On Sunday, Sep. 13, the latest major DeFi bug/hack took place with bZx protocol, a money-market and on-chain trading platform based on Ethereum.

$8m in Ethereum, Chainlink, and stablecoins lost due to bug in bZx Protocol

On the morning of Sep. 13, users and bZx …