The Disappearing Shanzhai Issue 49: Hacking Attacks

$AAVE
The peak was about $330, now about $97, down 71%. On April 18, KelpDAO suffered a hacking attack resulting in a loss of $292 million, with the attacker using Aave's lending tool to complete the arbitrage. The market doesn't care who the real culprit is, it first smashed AAVE by 10%. It’s more unjust to be affected than to be hacked, but the market is unreasonable.
$DOT
The peak was about $54, now about $1.1, down 98%. The Polkadot ecosystem cross-chain bridge Hyperbridge was hacked on April 13, with losses revised from $237,000 to $2.5 million, exposing dual vulnerabilities in Token Gateway forgery and MMR verification. The cross-chain bridge is the bloodstream of the ecosystem, and also the hacker's ATM.
$NEAR
The peak was about $20, now about $1.4, down 92%. NEAR's largest DeFi protocol Rhea Finance was attacked by oracle manipulation on April 16, resulting in a loss of $18.4 million. The attacker deployed fake token pools and manipulated the verification layer to cash out; the hacker even actively returned some funds. The leading ecological project was taken down, and the price has already fallen to the floor.
AAVE, DOT, and NEAR have recently faced a series of security shocks, with hacking attacks becoming the last straw that broke the coin prices. AAVE was indiscriminately slaughtered, DOT's cross-chain narrative was hit hard by vulnerabilities, and NEAR's DeFi leader was taken down. Hackers don’t choose the time, but they always come when the market is weakest.
Bearish outlook👇
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