Exchanges under siege ⚔️ CEXs and DEXs are more alike than we think, with both falling victim to exploits over the weekend.
The Japanese-based DMM Bitcoin exchange lost over $308M in funds after they were stolen from the exchange's primary wallet. According to the firm, they noticed that more than 4,500 BTC was 'illegally' moved, but the platform has yet to identify how the exploit may have happened.
In the meantime, the platform has suspended crypto withdrawals but will continue to guarantee all of their users' BTC deposits after the exploit.
On the other hand, the Velocore DEX was exploited for $7M in tokens through a smart contract vulnerability.
In a nutshell, exploiters were able to trick Velocore into converting a small withdrawal into a large deposit, allowing the attackers to drain the DEX's liquidity pools across zkSync and Linea.
The team has since published a post-mortem report and is prepared to offer 10% of the funds to the hacker as a white hat bounty.
However, the funds may very well be lost as the hacker has since transferred approximately 1700 ETH (~$6.4M) to Tornado Cash.
Editor's Note: Another classic case of 'not your keys, not your crypto.' Although DEXs experience more hacks than centralized crypto exchanges, the latter is far more valuable to exploiters. As the crypto space continues to grow with new users, these exchanges will increasingly be targeted by hundreds of potential attackers if they haven't already. As such, it's best to consider at least one option for self-custody in case the worst ever happens. | 
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