Blockchain technology is disrupting every sector of the global economy with its limitless opportunities and innovative products. Decentralized finance is one of the sectors that has been trying to shake the traditional financial ecosystem. The multitude of DeFi applications emerging all over the fintech space has provided solutions, such as lending, staking, exchange of derivatives, among others.The current craze is justified, as DeFi attempts to build an alternative to the rigid banking systems. Also, government regulation (or lack thereof) and a flawed financial infrastructure have allowed DeFi projects to blossom.
Decentralized loan service, bZx, was hacked second time following a previous incident on Valentine’s Day, for a combined total of 3,581 ETH (currently worth nearly a million Dollars). The hacker took out loans then manipulated the price of the underlying cryptos in order to pay back less than they borrowed. Chinese crypto exchange, FCoin, published a statement in which they announced the shutdown of their exchange. They admitted to a lack of funds worth up to $130 million. FCoin blamed the loss on a combination of data and decision