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A Week at a Glance:
Cronos halted its entire chain after a confirmed $75M Tectonic exploit, trapping $60M of stolen funds onchain.
Liquid Network paused after ~4,000 BTC ($320M) exited via a suspected bug, allegedly by white-hat hackers.
Harmony is shutting down its mainnet entirely, and Orionx collapsed after $7M went missing years ago.
Pendle launched on Robinhood Chain and Jupiter killed the need for manual bridging with Universal Deposit.
DeFi📈
Pendle launched on Robinhood Chain, bringing fixed-yield locking, leveraged yield exposure, and LP fee/reward opportunities to the chain’s ecosystem.
There’s currently 1 listed market, sNET, offering 15k% APR, with more strategies to be listed soon.
Uniswap Labs purchased PONS tokens as a long-term alignment move, deepening its partnership with Pons, which builds on Uniswap infrastructure.
Jupiter launched Universal Deposit, allowing users to send tokens from Ethereum, Base, Arbitrum, or Sui directly to a Solana wallet as USDC.
Raydium's LaunchLab now supports any token pair as the quote asset — not just SOL/USDC/RAY. New tokens can launch priced against another meme, a tokenized stock (NVDA, SPYx), or a custom mint
Morpho now lets Vault users redeem underlying market positions even when vault liquidity is low, allowing exits without curator approval.
Aave V4 is offering borrowers 2% back in USDC when borrowing against available collateral on Ethereum.
Venus launched Liquidity Hub on BNB Chain, allowing users to deposit once and receive a single VH token that automatically represents capital allocated across supported markets.
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Issues⚠️
Blockstream’s Liquid Network paused after ~4,000 BTC (~$320M) exited the Liquid Federation wallet via a suspected Elements software bug combined with SideSwap’s peg-out mechanism. Self-proclaimed white-hat hackers were involved.
LBTC is paused across exchanges; other Liquid assets and Bitcoin mainnet are unaffected.
Cronos validators halted the entire chain via consensus, trapping $60M of the stolen funds onchain (only $6M made it out to Ethereum).
The exploit total is now confirmed at ~$75M, higher than earlier estimates.
Term Labs published a postmortem on its $8.5M governance exploit — attackers used two Tornado Cash-funded wallets to submit proposals zeroing out timelock delays, then drained ETH and USDC strategies via a fake exit strategy and spoofed price adapter.
All affected loan positions have now been recovered; Term V1/V2 contracts were never compromised.
Notional Finance was exploited for ~$1.7M via an integer overflow in its ERC1155 implementation — minting a pair of positions with an amount near 2^128 caused an overflow that let the attacker create a massive long position with no offsetting debt, then used it as collateral to drain the protocol.
Stolen DAI and USDC were deposited into Tornado Cash.
Reddio was exploited for ~9.25 ETH via a cross-vault double-counting flaw — stETH deposited into one vault was also counted as backing in a separate ETH vault, letting an attacker use a flash loan to inflate share prices and redeem both vaults against the same underlying stETH.
An attacker attempted a governance takeover of Yam Finance by self-delegating ~504K YAM (just over quorum) and submitting a proposal to seize admin control of the Timelock — which would grant control over all YAM contracts and the DAO treasury (~$337K at risk).
If you hold YAM, vote against before block 25897343 (~34 hours remaining).
If you have funds in the Yam WETH pool, withdraw immediately.
Data Breach:
Trezor’s earlier shipping breach expanded — an additional 67,000 US customers who ordered between November 2019 and August 2021 had their names, emails, phone numbers, and addresses exposed, despite ShipMonk having previously (falsely) confirmed that the data had been deleted.
Devices and wallet security remain unaffected.
Affected users were emailed directly — stay alert for phishing attempts, and never share your wallet backup with anyone.
Ledger is facing a class-action lawsuit alleging it downplayed a December 2023 data breach — separate from a 2020 breach that exposed ~270,000 customers.
The suit claims exposed data was later used in social-engineering attacks to steal crypto, and that Ledger failed to disclose it in time.
Wind Downs:
Harmony is shutting down its mainnet — a final snapshot will trigger an automatic ONE airdrop to Ethereum addresses. Smart contracts must be exited by September 10. This follows the earlier forged mint incident and the 2022 $100M bridge hack; the team is pivoting to an AI video business.
Sui DeFi protocol Full Sail is winding down after a security incident linked to Switchboard, resulting in the loss of approximately $91,000 from three vaults.
Orionx, a Chilean exchange backed by Tether, is shutting down after a forensic audit found over $7M in BTC, ETH, XRP, and MATIC moved to external wallets between 2018 and 2021. Withdrawals are frozen for 100,000+ users.
Orionx filed criminal charges against former co-founders Roberto Zibert and Joaquín Díaz, who deny wrongdoing.
Stablecoins/RWA🪙
SoFi Bank launched the $SOFID stablecoin. This U.S. dollar payment stablecoin aims to combine traditional banking standards with the flexibility of crypto, enhancing the digital asset landscape.
Strata launched a tranched market for Black Opal’s LiquidStone II fund (Brazilian credit card receivables, FX-hedged), tokenized onchain via Plume’s nOPAL.
Prediction Markets🔮
Perps DEX📉📈
Bulk Trade launched an invite-only mainnet — predepositors get 5-15 weekly access codes to share, earning AURA points based on referral volume.
The platform features SPAN-style portfolio margining (an onchain first), limit/conditional orders, sub-accounts, and full trade/position history.
EdgeX will launch on Arc mainnet, bringing FX, stocks, commodities, and crypto perps, margined and settled natively in USDC on Arc’s stablecoin-focused settlement layer.
Polymarket launched Perps on Polygon, offering up to 20x leverage on crypto, stocks, commodities, and indices using pUSD collateral — extending beyond prediction markets into leveraged trading, available to eligible international users.
Ondo Perps has launched new markets for trading perps in biotech, LLMs, and humanoid robots, including companies such as Moderna and Unitree Robotics.
News🗞️
GoPro ($GPRO) is now live on Solana through Sunrise, enabling users to access its action cameras and software in various Solana apps.
Ethena launches its Pay app on Avalanche, expanding its offerings in the DeFi space. This launch could enhance payment solutions for users on the Avalanche network.
OpenSea Mobile is now live for early access, allowing holders of @bodoggos to trade Solana NFTs.
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