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$35M in 7 Days: Governance, Oracles & Flash Loans Exposed
Audio is available on Spreaker — see link below.
Four crypto exploits in seven days drained $35M — and not one involved a smart contract bug. Today's briefing breaks down the BonkDAO governance heist, oracle failures on Hedera and Summer Finance, stablecoin supply contraction, and Robinhood Chain's week-one numbers.
Audio is available on Spreaker — see link below.
Thirty-five million dollars. Gone in seven days.
Start with the largest single loss. On July sixth, an attacker drained twenty million dollars from BonkDAO's treasury.
The same day, Summer Finance was hit for six million dollars via oracle manipulation. An attacker used a sixty-five point four million dollar flash loan to distort asset prices and extract six million in DAI from protocol vaults.
Pull back to the broader picture. Stablecoin supply has contracted ten billion dollars since May.
On the growth side, Robinhood Chain completed its first week with three point one billion dollars in DEX volume and over sixty-five thousand users. That's a top-five DEX ranking within seven days of launch, with three hundred million in stablecoins and thirteen million in tokenized stocks already on-chain.
Bitcoin's mining difficulty fell five percent on July eleventh, dropping six point seven trillion to one hundred and twenty-seven point one seven trillion at the fourteenth adjustment of the year. That eases pressure on miners after a period of hashrate growth.
Three major exploits in seven days, none involving a smart contract bug. That's the clearest signal of the week.
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