Recently, dYdX, behind the popular altcoin project DYDX, thwarted a hack attack. However, the altcoin’s price has declined.
Price of popular altcoin dYdX depreciates
Currently, the decentralized exchange dYdX is very popular, although there is no definite reason. Kri ptocoin. com
As we reported , the daily trading volume on the platform has recently increased to approximately $10 billion, surpassing the daily volume of Coinbase and Uniswap. However, according to a new report, the protocol fixed a security vulnerability before it was hacked. The team also discussed this in a thread of tweets.
dYdX team warned people about the security issue in a newly deployed smart contract. In one of the aforementioned tweets, “The dYdX team has been alerted to a security issue with a newly deployed smart contract. If you’ve adjusted your funds to deposit since Wednesday, read on for important recovery information. No funds were lost and all funds are safe,” he said. Meanwhile, the team warned using the following phrases:
All users who have set permission to deposit as of Wednesday, November 24, are advised to visit the exchange and get the funds back as soon as possible. Your money is not at risk but should be moved back to your wallet.
The recovery process was coordinated with a white line hacker named Samczsun and the dYdX team, where all potentially damaged funds were recovered. During the recovery, approximately $2 million of affected funds in 700 accounts were diverted to another contract. The operators of the protocol also advised users to refrain from transferring funds until the team requests it. DYDX slumped from $16.5 to $12.