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Another week of DeFi hacks, but ZK-proof development heats up: Finance Redefined

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The past week in DeFi was dominated by hacks costing almost $39 million, but ZK-rollup development continues to heat up.

hot wallets, security experts reported on July 22. Since the amount of Bitcoin stolen is uncertain, the figures may be even higher.

According to on-chain sleuth ZachXBT, the funds have been stolen on the Ethereum network, then swapped for ETH before being bridged to the Avalanche and Bitcoin blockchains. DeDotFi’s security team said a leak of private keys may have caused the hack. Investigations are still in progress.The lending zkSync lending app, Era Lend, has been exploited for $3.4 million in crypto, according to a July 25 report from blockchain security firm CertiK.

According to the report, the attacker drained funds in two transactions using the externally owned account 0xf1D076c9Be4533086f967e14EE6aFf204D5ECE7a. The attacker relied on a vulnerability in “the callback and _updateReserves function” to manipulate a contract into reporting old values that had not yet been updated.ZK-proofs are cryptographic methods allowing one party to prove to another party that something is true without revealing any sensitive underlying private information.

Volume on Optimism fell behind Arbitrum in January, as season one of its “quest” feature ended. However, it recovered the top spot on July 25 as Worldcoin launched.

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