This article was first published on quantstamp - Medium
Quantstamp Community Update — April 2020
Here’s what happened at Quantstamp in April:
Attacks rocked multiple prominent DeFi projects this month, from Uniswap to dForce to recently launched Hegic Options.
Both Uniswap and dForce suffered from re-entrancy attacks. Uniswap, a decentralized token exchange, experienced an attack on imBTC, an ERC277 token which it is not designed to support. By exploiting re-entrancy, the attacker was able to make off with roughly 300K in crypto assets.
That same weekend, Lendf.Me, a collateralized lending platform, suffered a similar re-entrancy attack on its imBTC token. This time the damage was more severe, with $25 million stolen. Thankfully, the story ends happily, as the hacker ended up returning the money.
Read more about this attack in detail here.
Crypto against COVID
As COVID-19 spreads, the blockchain industry is standing together to help support frontline workers fighting the disease. CryptoAgainstCOVID is a movement, spearheaded by Binance, to raise funds to support equipment for frontline workers, with donations transparently published on the blockchain.
Maker Backstop Auction
On March 12th, the price of ETH crashed over 50%. The resulting drop, along with extremely high network traffic, resulted in the MakerDAO system becoming undercollateralized by falling below its 150% collateral requirement.
To fix the collateral shortfall, MakerDAO arranged an MKR auction, where MKR would be minted and sold. Quantstamp, along with other ecosystem players, formed a backstop syndicate, designed to backstop this auction and make sure it succeeded.
In April, we joined the DID Alliance. DID Alliance aims to bring together various decentralized ID projects, allowing them to be interoperable. Targeting the global market, the DID Alliance aims to bring the benefits of digital identity to both developed and emerging markets....
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quantstamp - Medium