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Post: Goledo Team’s $1.7 Million Loss and Compensation Process Revealed

Goledo Team’s $1.7 Million Loss and Compensation Process Revealed

Key Points:

  • Goledo team experiences a $1.7 million loss, but has a process in place for compensating users.
  • Quantstamp identifies the top five smart contract protocols that suffered the most losses from hacks and exploits in January.
  • Bad actors using various attack methods resulted in a total loss of $38.9 million.
  • Gamma Strategies was hit by a flash loan attack, resulting in a $6.1 million loss.
  • Gamma temporarily halted deposits to address the vulnerability.

Goledo Compensation Process for Users:

The Goledo team has experienced a loss of $1.7 million, but they have implemented a compensation process to recover users’ assets. Details of the process have not been provided in the article.

Quantstamp Identifies Top Five Affected Smart Contract Protocols:

Quantstamp, a decentralized finance (DeFi) security startup, has identified the top five smart contract protocols that suffered the most losses from hacks and exploits in January. The actions of bad actors, employing various attack methods such as smart contract hacks, key compromises, and scams, resulted in a total loss of $38.9 million. The specific protocols affected and the amount lost by each protocol are not mentioned in the article.

Gamma Strategies Hit by Flash Loan Attack:

Gamma Strategies, a smart contract protocol, fell victim to a flash loan attack on January 4, shortly after the Radiant attack. This attack exploited a code bug, allowing attackers to steal $6.1 million from Gamma’s public-facing vaults. To mitigate the issue, Gamma temporarily halted deposits and closed the vulnerability. More information about the attack and its impacts on Gamma Strategies is not provided in the article.

Hot Take:

Hacks and exploits continue to be a prevalent issue in the cryptocurrency space, and it is concerning to see significant losses occurring. It is reassuring to see initiatives like Goledo’s compensation process and security startups like Quantstamp identifying vulnerable smart contract protocols. These incidents highlight the importance of constant vigilance in securing DeFi platforms and the need for continued improvement in security measures.

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