• Privacy Policy
LSD News
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
LSD News
No Result
View All Result
Home Crypto News

Ethereum Takes A Step Towards Secure DeFi With New ‘Standard’ To Curb Hacks

by
July 21, 2023
in Crypto News
0
Ethereum Takes A Step Towards Secure DeFi With New ‘Standard’ To Curb Hacks
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Ethereum is once again at the forefront of innovation within the rapidly expanding realm of decentralized finance (DeFi). A group of passionate Ethereum community members has recently put forth a groundbreaking proposal aimed at bolstering the security of DeFi protocols. 

Introducing ERC 7265, a new standard that promises to revolutionize the way DeFi platforms handle potential hacks and safeguard user funds. The proposed ERC 7265 standard introduces a vital component, which serves as a fail-safe mechanism integrated into the smart contracts of DeFi protocols. 

This “circuit breaker” would act as a safeguard, enabling developers to swiftly halt any token transfers before they leave the contracts in the event of a security breach or suspicious activity.

1/ Announcing ERC 7265: Circuit Breaker

We are fixing the biggest problem with DeFi Security – lack of response time to mitigate hacks.

Built by @Diyahir @tcb_00 @real_philogyhttps://t.co/4KQDYEK2H7

— Meir Bank (@MeirBank) July 3, 2023

ERC 7265 As ‘Circuit Breaker’ For Ethereum Network

In the wake of the recent Poly Network hack, a team of diligent researchers and developers has taken the initiative to address the security vulnerabilities plaguing the DeFi space.

Inspired by the exploit’s root cause, which was the lack of a prompt response mechanism, they have introduced ERC 7265 as a proposed standard aimed at fortifying DeFi protocols against such intrusions.

The developers behind this proposal, including Diyahir Campos and Meir Bank, have made their case on Github. They describe ERC 7265 as a “Circuit Breaker” solution capable of triggering a system-wide pause on outgoing transactions if certain predetermined thresholds are breached.

By implementing this protocol-wide halt on outflows, DeFi platforms can significantly minimize the potential impact of hacks and fraudulent activities, allowing for timely intervention and protection of user funds.

Chart: The Block Crypto Data

The release of ERC 7265 comes at a crucial time, as the DeFi ecosystem has witnessed a surge in hacking incidents. According to The Block’s Data Dashboard, attackers have managed to steal a staggering $3 billion from DeFi protocols thus far.

This alarming trend underscores the urgent need for robust security measures in the DeFi space, making the proposed ERC 7265 standard a timely and significant development in the pursuit of safeguarding users’ assets and fostering trust in decentralized finance.

Poly Network Attacker Gains $10 Million Profit

On July 2, Poly Network fell victim to a devastating hack, resulting in the attacker making off with an astonishing $10 million in ill-gotten gains. The breach exposed vulnerabilities within the platform, allowing the hacker to exploit weaknesses and collect substantial profits from the attack.

🚨MistTrack Alert Update🚨

We have discovered two new stolen transactions of over 3 million USDC and over 2.6 million USDT.

The attacker swapped $USDC to 1,557.36 $ETH and stayed at the address (0x2f6c…7b82), and swapped $USDT to 1,371.64 $ETH and stayed at the address… https://t.co/KdzTe2uhl1 pic.twitter.com/D1HW8Zh7D4

— MistTrack🕵️ (@MistTrack_io) July 3, 2023

As the situation unfolds, crypto security firm SlowMist has taken charge of monitoring the hacker’s movements closely. They are actively tracking the funds and providing updates through their tweet thread, shedding light on the ongoing developments in an effort to protect users and the wider cryptocurrency community.

ETHUSD trading at $1,935 on the daily chart: TradingView.com

Unfortunately, this is not the first time Poly Network has faced such a severe security breach. In August 2021, the platform endured a previous attack that resulted in hackers absconding with a staggering $600 million worth of various cryptocurrencies.

Featured image from Dollero Technology



Related

Tags: CurbDeFiEthereumHacksSecureStandardStepTakes
Previous Post

Tornado damages Pfizer plant in North Carolina, will

Next Post

Why Tesla investors should care about Elon Musk’s multiplying ventures

Next Post
Why Tesla investors should care about Elon Musk’s multiplying ventures

Why Tesla investors should care about Elon Musk's multiplying ventures

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 131 Followers
  • 23.9k Followers
  • 99 Subscribers
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Hawaii officials work to address mental health challenges facing wildfire survivors

Hawaii officials work to address mental health challenges facing wildfire survivors

August 17, 2023
Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

August 10, 2023
Working-age Americans are struggling to pay for health care, even those with insurance, report finds

Working-age Americans are struggling to pay for health care, even those with insurance, report finds

October 28, 2023

Aron Szabo: The Hungarian voice of the American legal profession

September 27, 2023
Ethereum Price To Reclaim $1,300, What Are The Possibilities?

Ethereum Price To Reclaim $1,300, What Are The Possibilities?

0
Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

0
Stock market update: Stocks that hit 52-week lows on NSE in today’s trade

Stock market update: Stocks that hit 52-week lows on NSE in today’s trade

0
Wealthy Chinese keep on spending while others cut back, survey finds

Wealthy Chinese keep on spending while others cut back, survey finds

0
This sector gave positive returns in December last 3 years, will history repeat?

This sector gave positive returns in December last 3 years, will history repeat?

December 2, 2023
How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

December 2, 2023
Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed | Bitcoinist.com

Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed | Bitcoinist.com

December 2, 2023
Case for gold fever: NewEdge Wealth sees record rush intensifying

Case for gold fever: NewEdge Wealth sees record rush intensifying

December 2, 2023

Recent News

This sector gave positive returns in December last 3 years, will history repeat?

This sector gave positive returns in December last 3 years, will history repeat?

December 2, 2023
How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

December 2, 2023
Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed | Bitcoinist.com

Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed | Bitcoinist.com

December 2, 2023
Case for gold fever: NewEdge Wealth sees record rush intensifying

Case for gold fever: NewEdge Wealth sees record rush intensifying

December 2, 2023

We bring the latest news from all over the world and get all time updated you

Follow Us

Browse by Category

  • Arts & Entertainment, Music
  • Arts & Entertainment, Photography
  • Business
  • Business, Careers
  • Business, Customer Service
  • Business, Home Based Business
  • Business, Marketing
  • Business, Sales
  • Communications, Mobile Phones
  • Computers, Data Recovery
  • Computers, Games
  • Computers, Hardware
  • Crypto News
  • Disease & Illness, Breast Cancer
  • Fashion, Jewelry
  • Finance
  • Finance, Credit
  • Finance, Currency Trading
  • Finance, Investing
  • Finance, Real Estate
  • Finance, Taxes
  • Food & Beverage, Coffee
  • Food & Beverage, Gourmet
  • Food & Beverage, Wine
  • Health
  • Health & Fitness, Acne
  • Health & Fitness, Cardio
  • Health & Fitness, Diabetes
  • Health & Fitness, Exercise
  • Health & Fitness, Medicine
  • Health & Fitness, Weight Loss
  • Home & Family, Crafts
  • Home & Family, Gardening
  • Home & Family, Hobbies
  • Home & Family, Holidays
  • Home & Family, Home Improvement
  • Home & Family, Home Security
  • Home & Family, Landscaping
  • Home & Family, Pets
  • Internet Business, Affiliate Programs
  • Internet Business, Audio-Video Streaming
  • Internet Business, Blogging
  • Internet Business, Ecommerce
  • Internet Business, Email Marketing
  • Internet Business, Podcasts
  • Internet Business, SEO
  • Internet Business, Site Promotion
  • Internet Business, Web Design
  • Politics
  • Politics, Commentary
  • Politics, Current Events
  • Product Reviews, Book Reviews
  • Product Reviews, Consumer Electronics
  • Product Reviews, Movie Reviews
  • Product Reviews, Music Reviews
  • Recreation & Sports, Biking
  • Recreation & Sports, Fishing
  • Recreation & Sports, Martial Arts
  • Reference & Education, College
  • Reference & Education, Homeschooling
  • Reference & Education, K-12 Education
  • Reference & Education, Sociology
  • Self Improvement, Coaching
  • Self Improvement, Creativity
  • Self Improvement, Happiness
  • Society, Divorce
  • Society, Sexuality
  • Society, Weddings
  • Sports
  • Stock
  • Tech
  • Travel
  • Travel & Leisure, Aviation
  • Travel & Leisure, Destinations
  • Travel & Leisure, Travel Tips
  • Travel & Leisure, Vacations
  • Uncategorized
  • Vehicles, Boats
  • Vehicles, Cars
  • Writing & Speaking, Writing

Recent News

This sector gave positive returns in December last 3 years, will history repeat?

This sector gave positive returns in December last 3 years, will history repeat?

December 2, 2023
How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

December 2, 2023
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

  • bitcoinBitcoin(BTC)$35,404.002.62%
  • ethereumEthereum(ETH)$1,834.511.58%
  • tetherTether(USDT)$1.000.05%
  • binancecoinBNB(BNB)$230.812.55%
  • rippleXRP(XRP)$0.610.69%
  • usd-coinUSDC(USDC)$1.00-0.05%
  • solanaSolana(SOL)$43.8211.48%
  • staked-etherLido Staked Ether(STETH)$1,833.391.69%
  • cardanoCardano(ADA)$0.3098437.47%
  • dogecoinDogecoin(DOGE)$0.0699594.44%
  • tronTRON(TRX)$0.1003142.05%
  • ToncoinToncoin(TON)$2.201.43%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • chainlinkChainlink(LINK)$11.221.48%
  • matic-networkPolygon(MATIC)$0.676.54%
  • polkadotPolkadot(DOT)$4.748.08%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$35,382.002.69%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • litecoinLitecoin(LTC)$70.122.70%
  • bitcoin-cashBitcoin Cash(BCH)$243.091.20%
  • shiba-inuShiba Inu(SHIB)$0.0000083.84%
  • avalanche-2Avalanche(AVAX)$12.017.66%
  • daiDai(DAI)$1.000.07%
  • leo-tokenLEO Token(LEO)$3.89-2.12%
  • uniswapUniswap(UNI)$4.6914.32%
  • stellarStellar(XLM)$0.120970-1.09%
  • true-usdTrueUSD(TUSD)$1.000.23%
  • ftx-tokenFTX(FTT)$23.71-3.46%
  • moneroMonero(XMR)$171.280.18%
  • Bitcoin Cash ABCBitcoin Cash ABC(BCHA)$151.06-6.64%
  • okbOKB(OKB)$45.561.24%
  • ethereum-classicEthereum Classic(ETC)$17.690.18%
  • BitTorrentBitTorrent(BTT)$0.003681-1.64%
  • cosmosCosmos Hub(ATOM)$7.932.86%
  • binance-usdBUSD(BUSD)$1.000.00%
  • hedera-hashgraphHedera(HBAR)$0.0551277.19%
  • filecoinFilecoin(FIL)$3.944.61%
  • internet-computerInternet Computer(ICP)$4.075.54%
  • AptosAptos(APT)$7.030.90%
  • crypto-com-chainCronos(CRO)$0.0630372.69%
  • lido-daoLido DAO(LDO)$1.852.02%
  • quant-networkQuant(QNT)$103.420.82%
  • nearNEAR Protocol(NEAR)$1.467.26%
  • vechainVeChain(VET)$0.0194284.35%
  • aaveAave(AAVE)$95.4516.20%
  • injective-protocolInjective(INJ)$15.5911.92%
  • ArbitrumArbitrum(ARB)$1.016.10%
  • MantleMantle(MNT)$0.4025286.42%
  • optimismOptimism(OP)$1.422.60%
  • Shiba SagaShiba Saga(SHIA)$0.151738-15.33%