Decentralized finance yield aggregating protocol Value DeFi has been hacked for $7.4 million worth of DAI in a flash loan attack that borrowed 80,000 ETH from the Aave protocol.

The Bitcoin Cash network has split into two new blockchains, as the community behind the cryptocurrency was divided into two: one side supporting Bitcoin Cash Abc (BCH ABC) and the other supporting Bitcoin Cash Node (BCHN).

Bank of England Deputy Governor Jon Cunliffe has dismissed the idea that the central bank has to protect commercial banks against the potential future impact of digital currencies.

Top stories in the Crypto Roundup today:

• Value DeFi Hacked For 7.4 Million DAI via Flash Loan
• Bitcoin Cash Blockchain Splits After Contentious Hard Fork
• Bank of England Official Dismisses Protecting Banks Against Digital Currencies
• ALPHA, WAVES, SRM Are Moving in the Crypto Market

Value DeFi Hacked For 7.4 Million DAI via Flash Loan

Decentralized finance yield aggregating protocol Value DeFi has been hacked for $7.4 million worth of DAI in a flash loan attack that borrowed 80,000 ETH from the Aave protocol.

Flash loans as taken and repaid within the same transaction block and, as such, do not need the use of collateral. As part of the exploit, the attacker returned $2 million to Value DeFi and kept $5.4 million for themselves.

The attack left a provocative message to the Value DeFi team asking them “do you really know flashloan?” The message came in reference to a tweet Value DeFi published claiming it had flash loan attack protection.

The team behind the project has now confirmed it encountered a “complex attack that resulted in a net loss of $6 million,” and added it is now working on a postmortem and exploring ways to mitigate the impact on users.

Bitcoin Cash Blockchain Splits After Contentious Hard Fork

The Bitcoin Cash network has split into two new blockchains, as the community behind the cryptocurrency was divided into two: one side supporting Bitcoin Cash Abc (BCH ABC) and the other supporting Bitcoin Cash Node (BCHN).

Data from Coin.Dance shows BCH ABC has received no hashpower, which could mean BCHN will become the dominant software on the Bitcoin Cash network and take the BCH ticker on cryptocurrency platforms.

The first block that split the network was #661648 and was mined by AntPool. The BCHN -supporting network has mined multiple blocks after the split, while the BCH ABC network has blocks showing as “pending,” presumably as the hashrate behind it isn’t enough to find blocks.

The BCH community was divided as BCH ABC supporters, led by Amaury Sechet, proposed an upgrade to the network that included a controversial “coinbase rule” requiring 8% of the mined coins to be redistributed to BCH ABC to finance protocol development. To some, this was seen as a “tax” levied on users.

Bank of England Official Dismisses Protecting Banks Against Digital Currencies

Bank of England Deputy Governor Jon Cunliffe has dismissed the idea that the central bank has to protect commercial banks against the potential future impact of digital currencies.

Cunliffe claimed that the Bank of England’s job is “not to protect bank business models,” and added:

“Banks will have to adjust. Our job is to ensure that if bank business models change, we manage the financial and macro-economic consequences of that.”

Central bank digital currencies (CBDCs) are believed to have the potential to dramatically impact households’ willingness to hold money in traditional bank accounts, as the funds could even be store in digital wallets provided by central banks.

To the Bank of England’s Deputy Governor, political discussions on the development of CBDCs should be sped up as there are “developments in the private sector that actually don’t fit with policy.”

ALPHA, WAVES, SRM Are Moving in the Crypto Market

There are several tokens leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos who may have higher percentage changes.

Alpha Finance Lab (ALPHA) - Alpha Finance Lab, an ecosystem of DeFi products, starting on Binance Smart Chain and Ethereum, is up 50.32% in the last 24-hour period. Alpha Finance Lab is focused on researching and building in the DeFi space.

Waves (WAVES) – Waves, an open platform for Web 3.0 applications and decentralized solutions, has seen its WAVES token jump 17.25% in the last 24 hours. The jump helped the token’s price surpass the $5 barrier.

Serum (SRM) – Serum, a decentralized derivatives Exchange with trustless cross-chain trading, has seen the price of its SRM token go up 1.7.33% in the last 24 hours.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.