On 14 December, the DeFi space was shaken by troubling news as Aevo (formerly Ribbon Finance) confirmed a security breach affecting an old version of its DOV vault. The incident serves as another stark reminder that while DeFi offers innovation and yield, it also carries technical risks โ ๏ธ
๐ What Happened?
๐ธ A vulnerability introduced during a smart contract update was exploited by attackers targeting the legacy Ribbon DOV vault.
๐ธ Early estimates suggest a loss of approximately $2.7 million, impacting around 32% of the total funds held in the vault.
๐ Immediate Actions Taken
๐น The team paused and disabled all affected Ribbon vaults to prevent further damage.
๐น Users are required to upgrade their contracts and manually withdraw funds using standard withdrawal procedures.
๐น A new upgrade is expected to be deployed next week to further secure the protocol.
๐ Important Claim Timeline
๐๏ธ Claim period: 12/12 โ 12/06 (next year)
๐ธ Users who withdraw during this period will be eligible for claims.
๐ธ After the deadline, the DAO will liquidate remaining assets and distribute them to users who acted earlier.
๐ง Key Takeaway for DeFi Users
In DeFi, code is law โ but code is written by humans, and humans make mistakes. ๐งโ๐ป
Participating in high-yield vaults demands strong risk management, regular monitoring, and timely action.
๐ Do you regularly review and withdraw funds from old contract versions after protocol upgrades, or do you prefer to leave them untouched?
๐ This news is shared for informational purposes only and does not constitute investment advice. Always do your own research and act cautiously.
Stay safe, stay informed, and manage your risk wisely in DeFi ๐โจ
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