dYdX Exchange Suffers $38M Attack Targeting YFI Tokens, Founder Claims Manipulation and Receives $9M Insurance Payout
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dYdX founder claims $9M insurance payout resulted from a targeted attack against the exchange.
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Attack targeted long positions in YFI tokens, liquidating $38M worth of positions.
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dYdX founder believes the losses were caused by market manipulation.
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The exchange's insurance fund still holds $13.5M, user funds were not affected.
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The attack wiped out over $300M in market cap from YFI token.
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dYdX conducting review of risk parameters and potential software changes.