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The hacker drained a number of pools on Curve Finance, stealing roughly $70 million, but has gradually started returning funds to various projects. Nonfungible token finance (NFT-Fi) protocol JPEG’d has confirmed that 5,495 Ether (ETH), worth roughly $10 million at current prices, has been returned by the Curve Finance hacker . In exchange for returning the funds that were stolen on July 30, the hacker received a 610.6 ETH ($1.1 million) bounty. JPEG’d exploit update: Seems 5495 ETH was returned just now for a 10% whitehat bounty. 0x003b00378ac52c10200d8fcac0e42138a34e46b9d7c3350ad3372ae0eb141df3 Michael Razum is not the exploiter but was linked on-chain bc a few of his contracts were drained by this person. pic.twitter.com/mc3GGx2gyd — ZachXBT (@zachxbt) August 4, 2023 JPEG'd is a decentralized lending protocol that enables users to borrow funds against their collateralized NFTs. As part of the major hack on Curve Finance, the protocol lost $11.6 million worth of crypto. In ...

The sun sets on algorithmic stablecoins as Frax shifts to a fully-backed model. The Frax community recently approved a proposal to make its FEI stablecoin fully backed by USD equivalents, rather than maintaining a partially backed and semi algorithmic stablecoin. With Frax’s decision, the days of experimentation with algorithmic stablecoins could finally be behind us. The decentralized stablecoin space has only proved effective with ETH, USDC and BTC backed stablecoins. The failure of algorithmic stablecoins (like UST) and depegging of overleveraged stablecoins (like MIM) has become one of the primary reasons for loss of confidence in decentralized stablecoins. The decentralized stablecoin space is still tiny Decentralized stablecoins account for 5.5% of the total stablecoin supply. MarkerDAO’s DAI commands the lion’s share of this with 71% dominance. The transfer volumes of decentralized stablecoins are largely dominated in DAI and have declined since Q3 2022, suggesting that activi...