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    dYdX insurance fund loses $9 million in apparent attack

    By ApeSpaceNovember 19, 2023
    dYdX logo, white text on black background, with the lower right leg of the X in purple

    Around 40% of the “insurance fund”, intended to protect dYdX users from having to backstop other traders’ losing trades, was drained in what dYdX CEO described as “pretty clearly a targeted attack against dYdX”. An attacker manipulated the market for the Yearn Finance token, which is not normally heavily traded on dYdX, but which experienced a surge in trades around the attack. By taking advantage of flaws in dYdX’s risk management, the attacker was able to rack up big losses and then force the dYdX insurance fund to pay out.


    • “dYdX’s insurance fund lost $9 million as a result of ‘targeted attack’: CEO”
      , The Block
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