DeFi, ICO and Invest News

🪙 MakerDAO Founder Unveils Two New Stablecoins Reconciling decentralization is the aim of MakerDAO’s endgame. At least according to the protocol’s founder, Rune Christensen. The latest phase of the Endgame was unveiled on May 15, when Christensen unveiled two new stablecoins: NewStable and PureDAI. Both tokens are meant to eventually replace DAI, which currently commands a $5.4 billion market cap, placing it in third overall for the sector. Source @DeFi_ICO_Invest

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🆘 Solana DeFi Platform Pump.fun Suffers $2M Exploit Pump.fun, a platform based on Solana, reported a loss of approximately $2M due to a flash loan attack. The hacker exploited Pump.fun’s bonding curve contracts by leveraging flash loans that allow borrowing large sums of money without collateral, as long as one pays within a single transaction. A crucial factor in the exploit was the apparent compromise of the private key associated with Pump.fun’s service account, 5PXxuZ. Source @DeFi_ICO_Invest

🪙 PancakeSwap offers to pay off interface fees for Uniswap users Decentralized exchange PancakeSwap plans to pay for up to $8 million in fees traders have incurred on competitor Uniswap. Crypto traders who match their Uniswap v3 volume 1:1 on PancakeSwap v3 between May 16 and Aug. 15 will receive a full refund of their Uniswap interface fees. The reimbursement campaign comes shortly after Uniswap Labs hiked its interface fee from .15% to .25% for most swaps in April. Source @DeFi_ICO_Invest

🆘 Defi Protocol Sonne Finance Reports Major Security Breach, $20 Million Lost to Hackers Sonne Finance, a decentralized liquidity market protocol, was hit by a cyberattack, with initial losses of $3 million in USD Coin and Wrapped Ethereum from its Optimism chain quickly escalating to $20 million, as detected by blockchain security firm Cyvers on May 15. Source @DeFi_ICO_Invest

🚨 Bitcoin DeFi Tool Alex Lab Loses $4.3M in Hack, Offers 10% Bounty for Stolen Funds Bitcoin DeFi application ALEX Lab was drained of over $4.3 million in various tokens early Wednesday after a suspected private key compromise attacked its bridging service. Security researchers CertiK said the attackers likely caught hold of a private key that controlled ALEX’s XLink bridge, a service that lets users transfer tokens between different blockchains. Source @DeFi_ICO_Invest

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🇪🇺 DeFi may struggle to stay decentralized after new EU law DeFi’s exemption from MiCA regulation may fade as an update targets protocols with centralized components. The sector could split between hybrid and DeFi models. New regulations in the European Union may soon force decentralized finance (DeFi) protocols to make tough decisions. At the heart of the issue is the tendency of many DeFi protocols to have centralized front-ends and intermediaries. Source @DeFi_ICO_Invest

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