$2M Exploited in Polygon-Based DeFi Protocol 0vix

• Polygon-based protocol 0vix exploited for $2M
• US government holds $6B worth of Bitcoin: Glassnode data
• SEC’s Gensler analogizes crypto vs. securities to calling a dog a goldfish; sparks community backlash

Polygon-Based Protocol 0vix Exploited for $2 Million

A blockchain security firm, CertiK, reported that the Polygon-based decentralized finance (DeFi) protocol, 0vix, was exploited for $2 million via flashloan. According to Arkham Intelligence, the attacker inflated the price of vGHST to borrow a large amount of USD and then moved the USDC to Ethereum mainnet and swapped it for 757 ETH.

US Government Holds $6 Billion Worth of Bitcoin

Glassnode data revealed that the US government holds over $6 billion worth of Bitcoin in wallets across multiple federal departments. Coinbase suggested that the US Securities and Exchange Commission’s (SEC) action might have been motivated by Gary Gensler’s own views on digital assets.

Vigilante Hacker Burns Hundreds of BTC Held by Russian Intelligence

A vigilante hacker burned hundreds of Bitcoin (BTC) held in wallets used by Russian intelligence services earlier this month. The unidentified hacker destroyed around 20% of Russia’s foreign intelligence service budget with mindboggling precision after tracing millions of dollars‘ worth of funds linked to espionage activities back to two wallets.

SEC’s Gensler Analogizes Crypto Vs Securities To Calling A Dog A Goldfish

SEC Chairman Gary Gensler recently analogized crypto vs securities while speaking at Bloomberg New Economy Forum 2021 which sparked a major backlash from members within the crypto community. He compared cryptocurrencies like Ether and Bitcoin with companies’ stocks and bonds, saying “It’s kind of like calling a dog a goldfish“.

0vix Pause Markets After Incident

Due to the incident, 0vix has paused markets on POS and zkEVM which will affect oToken transfers, minting and liquidation. The lending protocol is currently working with its security partners to investigate further into this situation related to vGHST.

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