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3 Bridge Exploits, $18M Lost & BitMine Nears 5% ETH | Jul 21
Audio is available on Spreaker — see link below.
Three DeFi bridge exploits drained nearly $18 million in a single day as BitMine approaches 5% of Ethereum's circulating supply through its MAVAN validator network. ETH gains 1.7% amid broader tech-sector strength, but structural risks in DeFi and validator concentration demand close attention.
Audio is available on Spreaker — see link below.
BitMine now holds five point seven eight million ETH, representing four point eight percent of Ethereum's circulating supply, and the company has publicly stated it's targeting five percent. That's not a rounding error.
Against that institutional backdrop, the past twenty-four hours delivered a reminder of how fragile the DeFi layer beneath that accumulation actually is. Three separate exploits.
The third failure isn't a bridge exploit in the same technical sense, but it may carry the longest-term signal. SummerFi, one of DeFi's most established user-facing interfaces, announced its shutdown following a six million dollar breach of its Lazy Summer Protocol on July sixth.
ETH opened July twenty-first at one thousand nine hundred and three dollars and moved to one thousand nine hundred and thirty-six by mid-morning in New York. A one point seven percent gain.
Two things deserve close attention in the sessions ahead. The first is BitMine's approach to the five percent threshold.
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