Exploited 0vix Protocol Loses $2M: Polygon-Based DeFi Hit By Hack

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• Polygon-based protocol 0vix exploited for $2M
• US government holds $6B worth of Bitcoin: Glassnode data
• SEC’s Gensler analogizes crypto vs. securities to calling a dog a goldfish; sparks community backlash

Polygon-Based Protocol 0vix Exploited for $2M

A blockchain security firm, CertiK, reported that Polygon-based decentralized finance (DeFi) protocol, 0vix, appears to have been exploited for $2 million via flashloan. According to Arkham Intelligence, the exploiter inflated the price of vGHST to borrow a large amount of USD. The attacker then moved the USDC to Ethereum (ETH) mainnet and swapped it for 757 ETH. 0vix has since paused markets on POS and zkEVM due to the incident.

US Government Holds $6B Worth of Bitcoin

Glassnode data reveals that the US government holds approximately $6 billion worth of bitcoin. Coinbase suggests that recent proposed action from the SEC is motivated by Gary Gensler’s own views on cryptocurrency regulation.

Vigilante Hacker Burns BTC

A vigilante hacker burned hundreds of BTC held in wallets used by Russian intelligence services after discovering them through analytics tools provided by Elliptic and Chainalysis. The act is seen as an attempt to protect cryptocurrencies from malicious actors and combat illicit activities within the industry.

SEC’s Gensler Sparks Community Backlash

SEC Chairman Gary Gensler recently analogized cryptocurrency versus securities regulation as “calling a dog a goldfish” which sparked community backlash with many claiming his remarks are misleading and do not reflect an understanding or appreciation of digital assets.

Conclusion

The recent attack against Polygon-based protocol 0vix along with other news such as US governmental holdings in Bitcoin and hacking activity surrounding Russian intelligence services demonstrate just how quickly the world of cryptocurrency is evolving and show no signs of slowing down anytime soon. As more countries look towards regulating digital assets, individuals must remain vigilant to ensure their safety in this ever-changing landscape.