Weekly Summary (November 21st)

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 20 Degisons to win 30$DEG reward each!

Highlight of this week

-Protocol Protection onboarding process for Defrost Finance starts!

We are so excited to announce that Protocol Protection onboarding process for Defrost Finance starts! Defrost and Defrost users’ assets will be protected by Degis Protocol Protection! We hope through this collaboration, users can get juicy rewards while protecting themselves. Protect the entire De-Fi world, we meant it.

If you want to take part in the voting for Defrost Finance, check https://degis.io/protocol_protection/proposal_voting?pool_id=4

Other progress

· Price Protection: Price Protection with Shield has been launched (Check https://degis.io/protection/naughty_price to protect your Shield)
· Distribution: the winners of Degis Sharing Campaigns have been announced and the USDT rewards have been distributed
· Twitter Space: an Twitter Space with Acumen about on how they are bridging TradFi and DeFi

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

Crypto futures and options exchange Deribit suffered a security breach on November 1st around midnight, with hackers making off with nearly $28 million from the exchange’s hot wallet.

Exchanges often use hot wallets to process withdrawals instantly. These kinds of wallets come with high risk, however, as their private keys are stored in a company’s servers to sign withdrawal transactions.

In a statement on Twitter, the Panama-based exchange stated that their hot wallet got hacked for $28 million, but the client assets and cold storage addresses were not affected.

While nearly $28 million has been stolen by the hacker, Deribit noted that “the hack is isolated to their BTC, ETH, and USDC hot wallets.”

The hacker made 691 BTC and 9,111.59 ETH from the hack, with the USDC nabbed being quickly converted to Ethereum. The funds are now held in two wallets across Bitcoin and Ethereum. The funds are not moved to any mixer (or) laundering service as of this writing.

The company has assured users that they’re still in a “financially sound position” and its reserves cover the loss without affecting the insurance fund.