About $9 million from the insurance fund of decentralized derivatives platform dYdX was used on November 17 to cover settlements of users' positions on the Yearn Finance (YFI) token market.
According to the project team, the fund, which has a balance of $13.5 million, is "still well funded," moreover, user funds have not been affected.
The founder and CEO of dYdX, Antonio Juliano, has said the attackers have carried out a "targeted attack" on the exchange that has included the "manipulation of the entire YFI market."
He has added:
"We are investigating alongside several partners and will be transparent with what we discover."
Arkham Intelligence specialists have noted the YFI price drop of approximately 40% that occurred the previous day led to the liquidation of $50 million in positions in dYdX.