Chainlink multisig rules face speculation, Mixin offers $20M bounty: Finance Redefined

Invite to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights– a newsletter crafted to bring you the most considerable developments from the past week.The past week in DeFi was dominated by advancements in some of the OG DeFi procedures, with Uniswap Foundation revealing plans to raise $62 million in new financing and decentralized oracle service supplier Chainlink brushing aside worries about changes it made to multisignature wallets.Mixin Network, which was hacked for nearly $200 million in crypto properties on Sept. 23, has now offered a $20 million bug bounty to exploiters for the return of the remaining funds, declaring a bulk piece of the stolen funds are user assets.Curve Finance creator Michael Egorov cut back his debts to $42 million and settled his whole Aave loan on Sept. 28. According to the on-chain analytics platform Lookonchain, the Curve founder transferred 68 million CRV tokens, worth $35.5 million, to lending protocol Silo and borrowed 10.77 million in crvUSD stablecoin in the last 2 days. Continue readingMixin Network offers $20 million bug bounty to hackers in $200 million hackMixin Network, a decentralized cross-chain protocol, in a message to the hacker behind the $200 million make use of on Sept. 23, has actually offered a $20 million bug bounty for the return of the staying funds.Mixin Network encrypted the message with the exploiter transaction, asking for the exploiter to return the funds as the majority of the taken funds were user assets.Continue readingCrypto exchange Upbit stems fake APT token flood, resumes servicesSouth Korean cryptocurrency exchange Upbit has resumed Aptos APT (APT) deposits and withdrawals after fixing an issue that saw a scam APT token improperly acknowledged as legitimate.On Sept. 24, Upbit abruptly halted Aptos token services after noting an “abnormal deposit attempt,” triggering an inspection of the wallet system.

Other Questions People Ask

What are the implications of Chainlink multisig rules facing speculation?

The speculation surrounding Chainlink's multisig rules raises concerns about the security and governance of decentralized finance protocols. As Chainlink has made changes to its multisignature wallets, stakeholders are questioning the potential risks associated with these modifications. This situation highlights the importance of transparency and community trust in DeFi projects, especially as they evolve and adapt to new challenges.

How is Mixin addressing the aftermath of its $200 million hack?

Mixin is actively seeking to recover funds lost in its recent $200 million hack by offering a $20 million bug bounty to the hacker. This initiative aims to incentivize the return of user assets that were compromised during the exploit. By directly communicating with the hacker and emphasizing the importance of user funds, Mixin is taking a proactive approach to mitigate the impact of the breach on its community.

What recent developments have occurred in decentralized finance related to Chainlink and Mixin?

Recent developments in decentralized finance include Chainlink's response to speculation about its multisig rules and Mixin's significant bounty offer following a major hack. Additionally, Uniswap Foundation's plans to raise $62 million in funding reflect ongoing innovation within the DeFi space. These events underscore the dynamic nature of DeFi, where protocols must continuously adapt to security challenges and market demands.

What actions did Curve Finance's Michael Egorov take recently?

Michael Egorov, the creator of Curve Finance, recently reduced his debts to $42 million and fully repaid his Aave loan. In a strategic move, he transferred 68 million CRV tokens, valued at approximately $35.5 million, to the lending protocol Silo. This action not only alleviates his financial burden but also demonstrates the interconnectedness of DeFi protocols and the importance of liquidity management.