Weekly Summary (December 5th）

Hi Degison! Hope you’re having a great week.

Come and check our weekly progress summary to stay tuned! After reading the summary, you can take a questionnaire and we will select 15 Degisons to win 40$DEG reward each!)

Highlight of this week

-Protocol Protection for Robo Vault lived!

Degis is thrilled to announce our partnership with Robovault! Together, Degis is going to protect the return of Robovault’s yield strategy using Price Protection model. Price Protection is a game-changing tool that aids customers in minimizing the loss brought on by significant volatility in this quickly evolving industry. We believe that under our protection, users of Robovault are guaranteed sufficient compensation in any revenue-related undesirable situation. Stay tuned for our future collaboration events!

Other progress

· Collaborations: Degis starts offering protection for Vector Finance via Protocol Protection

What we’re doing now

Development team

· New product: the development team is continuously monitoring Protocol Protection to make sure it works smoothly for our users
· Degis website: the development team is optimizing the official website in a more user-friendly way

Marketing team

· Events: more AMAs in multi-language for everyone to have a deeper insight into Degis and our products
· Collaborations: more partnerships to cover every risk in the crypto world and make Web3 a safer place for everyone

What to expect next week

More products will be launched soon, stay tuned!

Weekly Hack Event

The theft of 6 quadrillion cryptocurrency tokens on Friday from Ankr shows signs of being connected to the decentralized finance protocol itself. Crypto intelligence firm Arkham said that on-chain sleuths found that the wallet address of the initial attacker was connected to that of an Ankr developer.

“The possibility of an inside job should not be ruled out,” the firm posted on Twitter following the exploit.

A spokesperson for Ankr told Forbes that the source of the hack was from a compromised private security key, adding in a tweet that the breach seemingly occurred after a system update,. “The compromised key was swapped out,” the spokesperson added, meaning it was replaced. Approved developers hold private keys that allow them to manage and modify smart contracts, which underlie decentralized finance.

The hackers were able to move about 20 trillion of the tokens into the decentralized lending protocol Helio and convert them into Binance Coin (BNB), the native token of the Binance exchange. The thieves then used crypto mixer Tornado Cash — which was penalized by the U.S. Treasury in August for alleged money-laundering violations — and swapped the BNB for $5 million of USD Coin, a stablecoin whose value is designed to match that of the U.S. dollar.