• A developer has proposed a DeFi ‘circuit breaker’ to reduce losses from hacks by 70%.
• The Poly Network was exploited again due to a private key compromise and users are urged to withdraw funds.
• BarnBridge DAO members have been told to pause “all work” related to the project after a reported probe by the SEC.
Proposed ‘Circuit Breaker’ Could Cut Hack Losses
A smart contract developer has made a new Ethereum request for comment (ERC) proposal to introduce a circuit breaker that could cut losses from hacks by 70%. The ERC-7265 proposes setting up a standard for a DeFi “circuit breaker” that would halt suspiciously large token outflows from a DeFi protocol.
Poly Network Exploit Causes Concern
In another exploit scare, some Multichain contracts on Ethereum suffered withdrawals of more than half of their deposits, causing on-chain sleuths to fear an exploit is underway. The Poly Network was exploited again due to a private key compromise, and developers have requested users to withdraw funds after the exploit affected 57 crypto assets.
BarnBridge DAO Halts Activity After Reported SEC Probe
BarnBridge DAO members were told to pause “all work” related to the project after a reported probe by the United States Securities and Exchange Commission (SEC). In a July 6 post on the platform’s Discord channel, Douglas Park, a lawyer for the decentralized autonomous organization , revealed the news to members.
DeSo Offers $1 Million Bounty For Reddit Competitor
Decentralized social media protocol DeSo has issued a $1 million bounty for building a competitor to Reddit using its native blockchain.
DeFi Tokens Suffer Minor Bearish Correction
The top 100 DeFi tokens had mixed performance this week. Most tokens traded in the same range as last week but saw minor bearish corrections overall.