dYdX founder claims focused assault led to $9M insurance coverage declare

Decentralized alternate (DEX) dYdX was pressured to make use of its insurance coverage fund to cowl $9 million in consumer liquidations on Nov. 17. In accordance to dYdX founder Antonio Juliano, the losses resulted from a “focused assault” towards the alternate.

Based mostly on reviews from the dYdX staff on X (previously Twitter), the v3 insurance coverage fund was used “to fill gaps on liquidations processes within the YFI market.” The Yearn.Finance (YFI) token dropped 43% on Nov. 17 after hovering over 170% within the earlier weeks. The sudden worth crash raised issues inside the crypto neighborhood a few doable exit rip-off.

Proceed Studying on Cointelegraph