• A Polygon-based decentralized finance (DeFi) protocol, 0vix, was exploited for $2 million in a flash loan attack.
• The attacker moved the stolen USDC to Ethereum mainnet and swapped it for 757 ETH.
• As a result of the incident, 0vix has paused all markets on POS and zkEVM, affecting oToken transfers, minting and liquidation.
Polygon-Based Protocol 0vix Exploited for $2M
A Polygon-based decentralized finance (DeFi) protocol, 0vix, appears to have been exploited for $2 million via flashloan. Blockchain security firm CertiK reported the incident — which Arkham Intelligence further corroborated. According to Arkham, the exploiter inflated the price of vGHST to borrow a large amount of USD. The attacker then moved the USDC to Ethereum (ETH) mainnet and swapped it for 757 ETH.
0vix Pauses Markets
0vix confirmed the incident in an April 28 statement, adding that it was “working with its security partners to look into the current situation that seems to be related to vGHST”. Due to the incident, 0vix has paused the markets on POS and zkEVM. It further noted that this action would affect oToken transfers, minting and liquidation.
Coinbase Suggests SEC Action is Motivated by Gary Gensler’s Own Views
Coinbase CEO Brian Armstrong suggested that recent Securities Exchange Commission (SEC) action against crypto companies may be motivated by Chairman Gary Gensler’s own views rather than any particular evidence or data at hand. He argued that this could lead down a slippery slope if other regulators follow suit without providing any foundational justification or proof behind their actions.
Vigilante Hacker Burns Hundreds of BTC Held in Wallets Used by Russian Intelligence
A vigilante hacker recently burned hundreds of Bitcoin held in wallets used by Russian intelligence services after uncovering suspicious activities from these entities attempting to buy access rights from various dark web sites associated with illegal activity such as drug trafficking and money laundering schemes. This event shows how cryptocurrency can be used as a tool for justice when government organizations are either unable or unwilling to act against certain criminal activities due to lack of resources or political considerations.
SEC’s Gensler Analogizes Crypto vs Securities To Calling A Dog A Goldfish; Sparks Community Backlash
SEC Chairman Gary Gensler analogized cryptocurrencies versus securities during his Senate Banking Committee testimony last week – comparing them calling a dog a goldfish – which sparked backlash from members of both governments and crypto communities alike who perceived it as an oversimplification or dismissal of cryptocurrency assets altogether without taking into account their actual value proposition within financial markets today