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Latest Crypto News: Attacker Drains $800K From DeFi Protocol Sturdy Finance, Polygon 2.0 Introduces Upgrades To Tap Into ‘Value Layer’ Of Internet

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Latest Crypto News: Attacker Drains $800K From DeFi Protocol Sturdy Finance, Polygon 2.0 Introduces Upgrades To Tap Into ‘Value Layer’ Of Internet

Here are some of the major developments from the world of crypto over the past few days

Sturdy Finance, a decentralised finance (DeFi) system, lost about $800,000 due to a security flaw. The hacker took use of a flaw to manipulate a flawed price oracle, which ultimately allowed them to syphon money from the protocol.  

The lending platform responded by pausing all markets and assuring its community that no additional funds were at risk.

Blockchain security company PeckShield informed Sturdy Finance of a transaction that appeared to be connected to price manipulation on June 12, 2023. A little over an hour later, the DeFi protocol reported being aware of the vulnerability. In response, it halted all markets and assured customers that no additional cash were in danger.

Polygon 2.0 Introduces Upgrades To Tap Into ‘Value Layer’ Of Internet

Polygon 2.0 will enable users to create, exchange and program value on the Internet, Polygon Labs has said.  

The “Value Layer” of the Internet is one of the updates Polygon Labs unveiled on June 12, 2023 under the name “Polygon 2.0,” which the business claims will enable users to “create, exchange, and programme value.”

“Polygon 2.0 is a set of upgrades that will radically reimagine almost every aspect of Polygon, from protocol architecture to tokenomics to governance,” the company said in a post on Twitter.

Polygon further said this would be a roadmap outlining how Polygon will use ZK [zero-knowledge] technology to become the Value Layer, providing limitless scalability and universal liquidity.  

“ZK technology, a cryptographic method that enables one party, known as the prover, to prove the validity of a statement to another party, known as the verifier, without disclosing any additional information beyond the statement's validity, is the foundation of Polygon 2.0, which aims to be a network of interconnected chains,” Polygon said.

Phemex To Provide A ‘Trade-To-Own’ Feature

As the Web 3.0 space continues to evolve, crypto exchanges are finding new ways to engage their users in their mission to success.

One of the first exchanges to publish a self-proving proof-of-reserves (PoR) audit was Phemex, a platform that calls itself “semi-centralised”.  

It also received a PoR certification from CoinGecko and CoinMarketCap in late 2022. Additionally, Phemex has updated its PoR data, thus enabling any user to confirm the security of their assets at any moment on the exchange or provide evidence that the platform has sufficient assets to pay its liabilities.

Additionally, Phemex is employing its Web 3.0 environment to foster community building by establishing a decentralised autonomous organisation (DAO), including stakeholders in determining the platform’s course, and encouraging its growth in order to keep users’ trust. This effectively means that users can control a portion of the exchange and steer it using the Phemex DAO. The growth, operations, financial management, and external collaborations of the platform are all subject to vote by Phemex DAO members.

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