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September Is the Most Vicious Month for Crypto Exploits in DeFi, Costing More Than $300 Million
A security violation committed against Mixin Network by a cloud service provider cost the organisation $200 million. Following its announcement, Yield Protocol will cease operations by the end of the year. Co-founder of Polygon Jayant Kanani has announced that he will continue to make contributions to the organisation on a sideline. He has withdrawn from the company's daily operations. On October 3, cryptocurrency payment service provider Wirex introduced W-Pay.
September has surpassed $300 million in losses, according to Cointelegraph, making it the most significant month for cryptocurrency exploits in decentralised finance (DeFi) in 2023. CertiK, a blockchain security firm, reported that the Mixin Network attack on September 23, in which the Hong Kong-based decentralised cross-chain transfer protocol lost $200 million due to a compromise of its cloud service provider, was the most significant contributor to the month's totals.
In additional DeFi-related news, Yield Protocol declared its intention to cease operations by the conclusion of the year on account of diminished business demand and worldwide regulatory pressures. The DeFi lending protocol will come into non-existence upon the completion of its December 2023 series, which is scheduled to reach maturity on December 29th.
Jayant Kanani, co-founder of Polygon, has announced his intention to contribute from a distance and in his capacity as a co-founder no longer active at the firm. Kanani participated in the 2017 founding of the Matic network, which was subsequently renamed Polygon. It is his intention to concentrate on novel expeditions while continuing to make contributions to Polygon.
An editorial in the Nature science journal recently lauded decentralised autonomous organisations (DAOs) as a groundbreaking approach that enables scientists operating in impoverished domains to establish communities centred around their investigations and secure funding that may have been unattainable otherwise. The organisation, fundraising, feedback, and pipeline from discovery to product/industry of a project can all be managed by the same decentralised governance body in a DAO-based research scheme.
On October 3, Wirex, a provider of cryptocurrency payment services, declared the introduction of W-Pay, a noncustodial cryptocurrency debit card service founded on zero-knowledge proof (ZK-proof). Wirex's novel decentralised solution is constructed on Polygon's Chain Development Kit and employs zero-knowledge technology; it guarantees enhanced scalability and security.
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