In what feels like an endless wave of cyberattacks in the crypto world, another major platform has fallen victim. Just last week, WazirX faced a breach, and now dYdX, a prominent name in decentralized trading, has been hacked. Their v3 platform has been compromised, coinciding with rumors of its sale. With over $1.5 billion in trades weekly, the DeFi community is on high alert.

dYdX Sounds the Alarm

On July 23, dYdX announced on social media that their v3 platform had been hacked. Users were warned to avoid the site and not click any links. Although the smart contracts remained safe, the hack on the user interface sparked significant phishing concerns.

Source : X.com(Formerly Twitter)

Journalists from Cointelegraph tested the hacked site using a test Ethereum account and encountered a suspicious error message, similar to a previous scam that drained users’ wallets earlier this year. This has heightened fears that the current hack could cause similar financial losses.

Sale Rumors: Coincidence or Conspiracy?

Bloomberg reported that the dYdX v3 platform is up for sale. Crypto players, including Wintermute Trading Ltd and Selini Capital, are interested in its trading software. Despite dYdX moving to v4 on Cosmos, the old v3 remains highly sought after due to its high liquidity and low slippage rates.

The hack caused the dYdX token to drop over 10%, disrupting sale discussions and unsettling investors and users. The timing raises questions about whether this is just bad luck or a deliberate attempt to sabotage a significant deal.

Here’s What You Should Do

Users are advised to avoid the dYdX v3 website and not click any links until the issue is resolved. While funds may currently be safe, the situation is risky. This hack is part of a larger trend of cyber threats targeting DeFi platforms like Celer and Compound, with increasingly sophisticated methods.

Secure your crypto assets and stay alert. The DeFi world is wild and unpredictable right now. Stay safe, stay informed, and remember: you’ve always got to watch your back.

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