dYdX DeFi Platform is Compromised

It looks like things are not going well for the crypto market regarding safety because a week ago today, we had another sad hacking event. Earlier this week we saw the news update for the Wazirx exchange hack and now this is another tragic event in which the platform was compromised. Its never a good experience for anyone to go through such tragic events because these events are monetary losses to the community. Undoubtedly I can say that hackers are very much more advanced in the crypto space than exchanges or protocols because they are always at risk of hiking no matter how much advanced technology they have used to build the infrastructure.

src

So far there is no news about the fund's loss and it could be probably because the team could figure out it in advance or at the right time before the hackers could do anything with its contract. The team has asked all the users not to interact with any contract and not connect their wallets however they have also suggested revoking the authority asap and for that purpose, they have shared a link.

Decentralized crypto-exchange giant dYdX said Tuesday that one of its on-chain trading services has been "compromised" and warned users against visiting dydx. Exchange until further notice

The team has also shared the update on social media so that they can keep the community informed and the best attempt would be this time to revoke the authority immediately and not interact with the protocol unless the safety and security are confirmed by the team. It is related to the security of funds and interaction this time when things are at risk can be a monetary loss situation for many. Since it is a decentralised platform hence there is no centralised entity that will be playing the role but its good that the team has informed the community and they are trying to secure the protocol as soon as possible.

If you are a user of this decentralised financing protocol then please ensure that you have done the removal of authority and also do not connect the wallet unless it is informed by the official channel of the platform.

Thank you so much for stopping by and if you like my content, please vote and share your thoughts in the comments section.

10% beneficiary to Tron-fan-club