An Ethereum-based (ETH) decentralized exchange (DEX) has suffered millions of dollars in losses after an alleged market manipulation attempt by a rogue user.
In a new thread on the social media platform X, the DEX protocol dYdX says that $9 million from its insurance fund was used to fill gaps in liquidations processed in the recent yearn.finance (YFI) correction but notes that no customer funds were affected.
“Last night about $9 million from the dYdX v3 insurance fund was used to fill gaps on liquidations processed in the YFI market. The v3 insurance fund remains well funded with $13.5 million in funds remaining. No user funds were affected and our team is working to investigate the event.”
According to dYdX founder Antonio Juliano, the events that led to the $9 million loss were likely staged by a deep-pocketed bad actor.
“Basically all of this was driven [by] one actor (traceable through on-chain fund movements)…
The actor was able to withdraw a good amount of USDC from
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