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Week in a glance:
Tectonic lost $66M to a pump-and-borrow attack on its own governance token â third exploit of this kind in recent weeks, after Moonwell ($8.7M) and Pendleâs PT-reUSD cascade
Neutrl confirmed its NUSD suspension is an illiquid position, not a hack â early redemptions targeted for September
Ethena locked in a fee switch routing all revenue into ENA buybacks
Hyperliquid activated AQAv2, now burning HYPE with USDC reserve yield
DeFiđ
Ethena announced four changes: bought out early investors who sold ENA in the past 9 months, assigned all protocol value accrual exclusively to the Foundation (not Labs equity), proposed a fee switch routing all revenue into ENA buybacks, and eliminated future VC unlock overhang by releasing unvested tokens early.
Kamino launched Fixed Rates in private beta, bringing fixed-term, fixed-rate credit onchain built on its existing Kamino Lend codebase â public launch targeted for Q3 2026.
Hyperliquid activated AQAv2, directing ~90% of USDC reserve yield (managed by Coinbase, deployed by Circle) into programmatic HYPE buybacks and burns via the Assistance Fund â yield accrual began August 26, with the first payout and execution set for October 3.
Spectra Finance is launching fixed-income markets for Stellar assets, enabling trading through an order book.
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Token Price Exploitsâ ď¸
Tectonic was exploited for ~$66M via a pump-and-borrow attack â the attacker pumped TONICâs price 100x in 20 minutes to borrow against inflated collateral. Cronos halted the chain; ~$6M was bridged out before containment, ~$60M remains stuck on Cronos. Third similar attack in recent weeks, after Moonwell and Pendleâs PT-reUSD incident.
Moonwell DeFi was exploited for $8.7M through MAMO token price manipulation, exposing critical vulnerabilities in lending protocol collateral valuation systems.
Fogo halts its mainnet after an attacker received 400 million FOGO tokens, amounting to 10% of its circulating supply. This incident, valued at approximately $3 million, raises concerns about the security of Layer 1 blockchains.
Exploitsâ ď¸
An outdated Rain infrastructure contract was exploited, draining ~$1.1M across multiple Solana card programs, including $500,800 from Avici users. S
ince Rain powers many crypto neobanks (EtherFi Cash, Tria, Solayer Pay, KAST, and others), the exploit hit several platforms at once. Funds were bridged to Ethereum and laundered through Tornado Cash before Circle could freeze anything.
Avici confirmed self-custodial wallets are safe and compromised balances will be refunded.
A vulnerability in the Cosmos EVM module triggered halts across multiple chains. KiiChain was hit hardest â 148M KII stolen, with 80.7M recoverable on-chain. Warden Protocol halted, patched, and resumed safely; Cronos was unaffected.
Steakhouseâs PT-reUSD markets on Morpho saw a liquidation event â no lenders were affected, and no bad debt was incurred. The shift from linear discount to TWAP pricing between maturities caught some loopers off guard, sparking debate over oracle design.
Ajna lost approximately $775K due to liquidation accounting manipulation on Ethereum, despite being warned by Defimon over an hour before the exploit.
Shut Downs:
HyENA is shutting down, citing Hyperliquidâs shift toward deeper USDC alignment that undercuts the case for its USDe-margin trading model.
Markets delist sequentially Aug 31âSept 2, with positions auto-settling and no user funds at risk.
HLPe deposits remain withdrawable via Upshift; final rewards are issued Aug 27; and HyENA Points end with no token or conversion planned.
Superposition will deprecate USDC in 2 days, with a cutoff date set for August 28, 2026.
Users are advised to bridge their assets to chains with deep liquidity, as Stargate is the only available exit route.
Issues - Updatesâ ď¸:
Neutrl says its NUSD/sNUSD suspension stems from an illiquid strategy position, not an exploit. ~$27M in liquid assets remain; the timing of the rest's recovery is unconfirmed.
Early redemptions targeted for early September, pending audit and legal review. Trading either token is not advised at this time.
Resolv Labs extends the claim window for users impacted by the security incident from August 26 to September 26. Eligible users now have an extra month to complete their claims, ensuring they receive the compensation they are due.
Stablecoins/RWAđŞ
Coinbase launched tokenized stocks on Base â 24/7 trading, composable across Base DeFi, backed 1:1 by shares held in a regulated trust, with support across the ecosystem from day one.
Aerodrome introduces MAG7, providing exposure to seven major publicly traded stocks directly on Base. Incentives and emissions for the MAG7-USDC pool are forthcoming.
Arcadia introduces margin trading on tokenized stocks, utilizing USDC pools on Base and Optimism, which are currently 82% utilized. Lenders can earn up to 7.7% APY as demand for leveraged positions increases.
Perps DEXđđ
Arcus launched pTokens, tokenizing leveraged perpetual positions into standard ERC-20 Tokens on Robinhood Chain. Holders automatically receive rebalanced leveraged exposure (e.g., pBTC3x for 3x BTC) without managing margin or collateral, and it's tradable like any token on Arcus or Uniswap.
Meridian (formerly Ethereal), the Ethena-backed perps DEX, raised its MLP cap to $2.5M USDe â deposits ahead of the Meridian Perps launch earn USDe rewards, Ethena Rewards, and 20% of Meridian Points emitted to perps traders.
Newsđď¸
EntropyIO launched ANTH-USDC perpetual futures on Hyperliquid, offering the first liquid way to trade Anthropic pre-IPO exposure â backed by $14M from Ribbit Capital plus a $40M HYPE stake.
These are synthetic contracts tracking valuation expectations, not actual equity ownership.
Standard Reserve published a whitepaper for an autonomous onchain âcentral bankâ on Robinhood Chain â issuance and treasury actions are governed entirely by code, tied to net ETH flow through a single Uniswap v4 pool (inflows buy tokenized gold reserves, outflows trigger buybacks and burns).
DeFi traders are debating whether Morpho bears responsibility when curator vaults fail, after incidents like the Paxos PAXG oracle bug and PT-reUSD liquidation cascade.
Critics say delisting bad curators (like AlphaPing) implies partial endorsement; defenders argue yield already compensates for risk.
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