Huobi Observation: Eminence was stolen $15 million DeFi projects in the testing phase should not be open to the public

On September 29, Eminence.finance, a DeFi project developed by YFI founder Andre Cronje, was hacked to steal 15 million DAI due to a protocol loophole. The fragility of the DeFi protocol has once again been exposed to everyone.  

Although Andre said afterwards that the hacker took about $7 million and returned $8 million, it was enough to seriously damage the vitality of the project that had not yet completed the online test.

Huobi will suspend AR deposit and withdrawal at 14:00 today: According to the official announcement, AR will upgrade its mainnet when the block height reaches 591,140. Huobi Global supports this mainnet upgrade, and will suspend the deposit and withdrawal of AR at 14:00 on December 21. After the upgrade is completed, it will be restored as soon as possible, and the specific time will be notified in an announcement. [2020/12/21 15:56:16]

Eminence is a game that Andre participated in the development of. At 3 o'clock in the morning of the same day, hackers stole digital assets worth 15 million U.S. dollars in the contract. Andre responded that the hacker used a simple loophole in the protocol itself. Through this loophole, the hacker issued a lot of EMN, and then dumped the additional EMN. EMN is the underlying token of the Eminence protocol.

Huobi market report: BTC continues to fluctuate sideways during the day, or rise relay: According to Huobi market, BTC continues to fluctuate and sideways yesterday, and is currently trading sideways at the 19300USDT line. Looking at the one-hour level, BTC increased slightly in the afternoon, reaching a maximum of 19,464.06 USDT, and then encountered resistance from the short side at the line of 19,400 USDT, and continued to shrink and consolidate with a slight pullback. Looking at the daily level, BTC rose slightly today, basically reversing yesterday's decline and approaching the previous high. As of 18:00, the specific performance of the mainstream coins on the Huobi platform is as follows: [2020/12/3 23:00:51]

 According to Andre's description, Eminence is at least 3 weeks away from the official promotion, but the frenzy of the market soon made this project, which is still in the testing stage, gather huge assets. As a result, users who "seek benevolence and gain benevolence" can only pay for the failure of the team.  

Market | Hong Kong stocks closed: Advance Holdings closed up 2.93%, Huobi Technology closed up 0.25%: Hong Kong stocks closed today, the Hang Seng Index closed at 26893.23 points, up 0.27%; Up 2.93%; Huobi Technology (01611.HK) closed up 0.25% at 4.01 points. [2020/2/25]

Huobi Institute believes that the founding team blindly opened the test to the outside world without doing a good job of code audit before going online, and should bear the main responsibility for this matter. Theoretically speaking, emerging projects are extremely risky before they have passed security audits and practical tests. Therefore, in addition to understanding the project itself, investors should pay extra attention to potential risks before entering the market. The release team should also understand that code audits are a must for any project to go live.

GSC was launched on Huobi HADAX and rose 62.48% within half an hour of opening: Huobi HADAX just opened GSC trading, with a maximum increase of 62.48% in half an hour. Blockchain technology has achieved a higher "acceleration". [2018/3/5]

But on the other hand, passing the security audit does not mean that it can be done once and for all. Previously, the bZx protocol was stolen many times, indicating that the current security audit cannot completely eliminate the security risks of DeFi projects, because the bZx protocol has passed the strict audits of security audit companies Peckshield and Certik before it was stolen.  

Therefore, Huobi Institute believes that, as a project party, the team should not only ensure that the project passes the security audit, but also maintain vigilance at all times and establish a diversified defense mechanism. For example, hedging project security risks through insurance business, prudently evaluating the possibility of mutually compatible combination mechanisms among various agreements, etc. Because in the DeFi ecosystem, once one of the mortgages defaults or the agreement is destroyed, it may also lead to instability or even collapse of the entire system.

BTC traded sideways during the day, slightly fluctuated upward at night

According to data from the Huobi trading platform, Bitcoin continued to shrink sideways after the early drop in the day, and it rose slightly in the evening to try to break through the 10,800 integer mark. This wave of rebounding upward market did not see a significant increase in trading volume. This wave of market conditions may be caused by short-term profit taking by the short side. The upper edge of the resistance range formed in the previous period is at 10800, which is also the Fibonacci 0.618 position for this wave of downward market rebound. The one-hour level now forms a new uptrend line. In the evening, we will continue to pay attention to whether it can effectively break through the 10800 line to form a new wave of upward shocks. In the evening, we need to continue to pay attention to the changes in trading volume and the breakthrough of 10800 above.

According to data from the Huobi trading platform, ETH rebounded after a slight dip in the day. It is still within the previously formed shock range. The intraday trading volume is relatively light, and the market is not active. Recently, the growth rate of Defi projects has slowed down significantly. No new models have emerged, and it may enter a plateau period of development. The market seems to be waiting for a new hot spot. In the evening, continue to pay attention to the support of the lower edge of the upward channel at 350, and the upper edge of the upward channel is around 370.  

In terms of contracts, the big data of Huobi Futures showed that the BTC contract positions decreased slightly, the contract trading volume increased slightly, and the contract market was relatively active. The basis of the delivery contract increased slightly, and the funding rate of the perpetual contract was relatively stable. ETH contract positions increased slightly, contract trading volume increased slightly, and the contract market was relatively active. The basis of the delivery contract decreased slightly, and the funding rate of the perpetual contract was relatively stable.

 The price of USDT in the OTC market of Huobi Global is 6.74 yuan.

According to the data monitoring of Huobi Research Institute, the total lock-up volume (TVL) of DeFi rose slightly today to 14.62 billion US dollars, and the real lock-up volume rose slightly to 9.12 billion US dollars. Among them, the change range of the head item is not significant. The total transaction volume of DeFi rose slightly today, reaching 608 million US dollars. Among them, the change range of the head item is not significant.

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