22 October, 2022 | 12:49 PM

Unknown hero protects the DeFi protocol from a possible exploit:Reimagined Finance

Unknown hero protects the DeFi protocol from a possible exploit:Reimagined Finance

The total value locked (TVL) of DeFi fell below $50 billion at the time this article was written, according to analytical data.

Welcome to Finance Redefined, your weekly dose of important decentralized finance (DeFi) insights. This newsletter was designed to inform you of significant developments over the past week.
Some of the most significant DeFi hacks dominated the headlines last week.This week is redemption time for many DeFi protocols that either avoided a hack attempt or received substantial refunds of their stolen funds.
According to reports, a flaw in the BitBTC bridge made it possible for an intruder to create counterfeit tokens on one side of the bridge before exchanging them for genuine ones.However, the cross-bridge platform was informed of the vulnerability by a single Twitter user who was able to anticipate it.
After deciding to return the majority of the cryptocurrency they exploited from the Celo-based lending protocol, the Moola Market attacker has received a "bug bounty" of approximately half a million dollars.Despite a $160 million hack, cryptocurrency market maker Wintermute paid back a $92 million TrueFi loan on time.
Despite the protocol's decision to award him a $50 million bounty, Mango Market hackers who returned a significant portion of the $117 million stolen from the protocol could still face legal action.
With the exception of a few tokens, the majority of the top 100 DeFi tokens traded in the negative for an additional week.For the second week in a row, the locked total remained below $50 billion.

Optimism has been able to avoid a potentially costly exploit thanks to the efforts of an eagle-eyed Twitter user, who saved the cross-chain bridge between BitBTC and the Ethereum layer-2 network.
Users can send assets between Optimism's network and BitAnt's DeFi ecosystem via the custom cross-chain bridge, which includes yield services, nonfungible tokens (NFTs), swaps, and the BitBTC token, where one million BitBTC represents one Bitcoin (BTC tickers down $19,139).
Continue reading An attacker has returned just over 93% of the more than $9 million worth of cryptocurrencies they stole from the Celo blockchain-based DeFi lending protocol Moola Market in exchange for a $500K bounty.
On Oct. 18, the Moola Market team tweeted that it was looking into an incident and had stopped doing anything. They also said that they had contacted the authorities and offered the exploiter a bug bounty if the money was returned within 24 hours.
Continue reading The exploiter of MangoMarket claimed that his actions were "legal," but were they?
The exploiter of $117 million from Mango Markets has claimed that his actions were "legal," but a lawyer says that they could still be held accountable.
On Oct. 15, self-described digital art dealer Avraham Eisenberg made it clear that he was the victim in a series of tweets, claiming that he and a group of people engaged in a "highly profitable trading strategy" and that the actions were "legal open market actions, using the protocol as designed."

Concerns about the repayment of debt in the amount of $189.4 million surfaced after the cryptocurrency market maker Wintermute suffered a hack that resulted in a loss of $160 million.However, Wintermute paid back its largest debt, a $92 million TrueFi Tether (USDT tickers down $1.00) loan, on October 15 in an exciting turn of events.
Wintermute still owes $75 million to Maple Finance in USD Coin (USDC tickers down $1.00) and wrapped Ether (wETH), as well as $22.4 million to Clearpool, for a total debt of $97.4 million after repaying TrueFi's $92 million loan.