Three decentralized finance (DeFi) protocols on NEAR, Base, and Sui networks were drained on Tuesday, with significant losses reported. The Sweat Economy incident on NEAR saw 13.71 billion SWEAT tokens, approximately 65% of the total supply, move through an attacker address. However, this $3.46 million event was later clarified as a foundation rescue. Meanwhile, the Syndicate Commons bridge on Base lost 18.5 million SYND tokens, valued between $330,000 and $400,000, which were subsequently bridged to Ethereum. On Sui, Aftermath Finance paused its perpetuals protocol after losing $1.14 million in USDC.
Bloomberg analyst James Seyffart highlighted these incidents to critique the ongoing AI versus crypto debate on Crypto Twitter. He suggested that the real threat to digital assets remains internal vulnerabilities, as demonstrated by the protocol-level exploits that drained SYND, USDC, and SWEAT. Despite the turmoil, the price of SWEAT tokens remained stable, and the Sweat Economy team has yet to comment on the vulnerability that led to the redeployment of their contract.
Three DeFi Protocols Suffer Major Drains Amidst AI vs Crypto Debate
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