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Web3 projects would instead get hacked than pay bounty: Finance Redefined

Web3 projects would instead get hacked than pay bounty: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized Finance (DeFi) information – a newsletter designed to give you powerful insights into the past week. One of the top decentralized exchange platforms, Uniswap, incorporates support for debit and credit cards for users. Users of Uniswap will be able to purchase cryptocurrencies using their cards immediately. A former employee caused the recent $5 million Ankr protocol hack. The DeFi protocol alerted the relevant authorities and is attempting to prosecute the attacker while beefing up its security practices. 

A Web3 developer claimed that many crypto-ecosystem projects would instead be hacked than pay a bounty. After reporting an intelligent contract vulnerability and helping to fix it, the developer claims that the projects he was involved in ignoring him. Yet despite a tumultuous year, DeFi, non-fungible tokens (NFTs), and blockchain gaming have fueled the adoption of decentralized applications (DApp) across the industry, according to DappRadar’s 2022 report.

Uniswap allows users to buy cryptocurrency using debit and credit cards

Independent exchange to enable users to purchase cryptocurrencies on its web app using debit cards, credit cards, and bank transfers, Uniswap has teamed with fintech provider Moonpay. The bank transfer option will be rolled out to users in most states of the United States, Brazil, the United Kingdom, and the Single Euro Payments Area, also known as SEPA. In the December 20 announcement, Uniswap shared that its users will now be able to convert fiat to cryptocurrency in minutes on the main nets, Ethereum, Polygon, Optimism, and Artibrum.

Projects would instead get hacked than pay bounties, Web3 developer claims

Finding flaws is crucial to preventing possible losses as hackers and vulnerabilities continue to grow in the crypto industry. One Web3 developer discovered that it was not worthwhile, though. A Web3 engineer claimed in a tweet that he discovered a Solana smart contract vulnerability that may have compromised numerous projects and about $30 million in funding. The developer claims that he notified the flaws and assisted in their correction. But when it was time to ask for a bounty, projects merely disregarded it.

Ankr says ex-employee caused $5M exploit, vows to improve security

A former member of the team conducted a $5 million attack on the Ankr protocol on December 1, according to a December 20 announcement by the Ankr team in a package of future updates of the device’s internal software. After this software was updated, the malicious code created a security hole that allowed the attacker to steal the provisioning key from the company’s server computer.

DeFi market overview

Analytical data shows that the total market value of DeFi fell below $40 billion last week, trading at around $38.1 billion at the time of writing. Data from Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a bearish week, with nearly all tokens trading in the red.

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