DeFi sees exploits and exit scam drama in the last week of 2022: Finance Redefined
The last week of 2022 didn't turn out to be a good one as the industry recorded multiple exploits and an exit scam scare. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. For DeFi, the last week of 2022 saw another slew of exploits , insider job accusations and exit scam drama . It all started on Christmas, when Defrost Finance, a decentralized leveraged trading platform on the Avalanche blockchain, was exploit ed by a DeFi flash loan attack causing $12 million in losses. However, the hacker behind the attacks reportedly returned a portion of the funds the next day. Security analytic firm Certik looked into the chain of events and concluded that the $12 million of funds drained were a part of an exit scam. On Dec. 26, when the Defrost exploit saga was unfolding, Bitkeep, a multichain wallet, was exploited for $8 million by hackers. Later in an analysis ...