Algorand decentralized lending protocol Algofi to shut down by end of 2023, Arbitrum-based Rodeo Finance exploited for the second time, $1.5 million stolen, all these and more in the latest edition of Finance Redefined.
protocols dominate the use of ZK-rollups, with major launches, new research and healthy competition among the key highlights in a sector report published by ZKValidator.
According to a July 11 announcement, developers’ “belief in the strength of Algorand’s technology and novel consensus algorithm has not wavered,” however, the Algofi platform will wind down soon.Bug bounties are programs organizations offer to incentivize security researchers or ethical or white hat hackers to find and report vulnerabilities in their software, websites or systems.
According to data shared by blockchain analytic firm PeckShield, the exploiter later bridged the stolen funds from Arbitrum to Ethereum and swapped 285 ETH for unshETH. The exploiter then deposited the ETH on Eth2 staking. Finally, the exploiter routed the stolen ETH using the popular mixer service Tornado Cash, which exploiters often use as an exit route to obscure the transaction’s footprint.
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