Ethereum Drops 5% from Daily Highs on Heels of Multiple DeFi Hacks

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The rapidly emerging DeFi ecosystem has shown some serious signs of promise, with investors directing billions of dollars into the emerging trend while it also being touted by Ethereum advocates as an example of one of the blockchain’s real-world use cases. This rise in popularity has drawn the eyes of nefarious actors, however, and multiple DeFi platforms have been hacked throughout the past 24-hours. Ethereum’s price has declined nearly 5% from its recent highs in the time following news regarding these exploits, although it still remains unlikely that this price decline is directly correlated to the events. Blow to DeFi: Two Protocols Face Consecutive Hacks as Investors Lose Millions As reported by Bitcoinist yesterday, an attacker recently managed to drain a Uniswap-based pool, stealing more than $300,000 worth of Ethereum and a Bitcoin-pegged token called imBTC. Shortly after this exploit occurred, the world witnessed a much larger hack that led…

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