Decentralized exchanges have started to receive a lot of attention, especially in the last few years. The importance given to privacy and the longing for freedom have pushed many crypto currency investors to this. However, decentralized exchanges have serious security shortcomings. To date, the loss of billions of dollars has only fallen into the hands of attackers due to system vulnerabilities. Today dYdX stock exchange da raised this issue.
dYdX Security Vulnerability
We first heard about his name with tokens that he distributed to his former users. Investors who used the systems before a certain date were entitled to receive tokens with a value close to 30-40 thousand dollars at the exchange rate of that day.
Today, the decentralized crypto exchange dYdX, it is trending, although not exactly for the right reasons. Users Ethereum which allows them to benefit from trading through their smart contracts DEX, which recently reached a daily volume of up to $ 10 billion. Coinbase and Uniswapit outstripped the ‘in terms of volume.
dYdX his team warned people about a security issue with a newly deployed smart contract. One of the tweets mentioned said:
“All users who have set a permit for depositing funds from 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 it should be moved back to your wallet”.
Samczsun the vulnerability detected by the so-called white-hat hacker was reported to the developer team. Thanks to this, all potentially at-risk funds were moved to safe places. The total financial size of the 700 accounts redirected to the escrow smart contract is over $ 2 million.
dYdX Other users who have not set any permissions to deposit money into the Layer 2 Essentials product have not been affected by the developments mentioned above. Meanwhile, the integration of decommissioned deposits and 0x clearing has been disabled until further notice.
Why is dYdX Falling?
This development is happening today dYdXIt seems to have somewhat damaged confidence in the . However, the fact that the planned system improvements were also postponed, of course, brought the price down. There are no losses for now, and the developer team seems to have solved the problem. If an announcement is shared that the problem has been completely resolved and the planned upgrades will be made soon, the price may rise again. So dYdX it may be offering a buying opportunity.
The token price, which fell to $ 11.6 during the day, finds buyers at $ 12.3 at the time of writing. The last time the price fell below $ 10 was on 13.09.2021.