🥷 Bridges Ransacked By Hackers: DeFi Week of July 2

The Defiant

Weekly Recap

Happy weekend Defiers!

The web3 markets cooled following last week’s bullish momentum. Despite most top crypto assets losing up to 4% this week, research from DappRadar showed ETH and BTC outperformed all global benchmark assets by at least 100% during the first six months of 2023.

The slight market retracement came as hackers exploited two popular cross-chain bridging protocols during the week.Poly Network, which is known for suffering the second-largest DeFi exploit on record, was exploited again last Sunday when a hacker minted trillions of tokens from thin air via the protocol. Despite liquidity restraints for selling all of the loot, the attacker realized more than $10M from the exploit.