Why dYdX crashed nearly 8% after leaked sales attempt

dYdX announced that it has recovered its v3 platform after an earlier compromise.
Only the platform's user interface was affected, with customer funds still intact.
The compromise follows a Bloomberg report alleging that dYdX was considering selling its v3 platform.

The dYdX team reported an attack on its decentralized exchange's (DEX) version 3.0 platform on Tuesday. The breach came hours after a Bloomberg report revealed that the team could be planning to sell the v3 platform to intending buyers.

dYdX platform "compromised" as news of sale hits the market

Decentralized exchange dYdX reported a recent breach of its v3 platform in what it termed a "compromise." Following the compromise, dYdX made a post on X warning users to abstain from the v3 website.

The exchange reported that its version 4.0 platform, which has the highest trading volume, is unscathed. The team also indicated that the website's smart contracts were intact, as only its interface was involved in the hack. This signifies that user funds are still in good condition.

However, the exchange made another X post stating that dYdX Trading Inc. had recovered the website, and users could resume using the app.

The hack came hours after a Bloomberg report, which suggested that the dYdX team plans to sell off the v3 platform. The team is also alleged to already be "in talks" with potential buyers.

"Wintermute Trading Ltd and Selini Capital are among the potential buyers of the dYdX v3 platform, said two of the people, who asked for anonymity because the talks haven't been made public," wrote Bloomberg.

The v3 platform is popular among dYdX users, with an average weekly derivatives trading volume of $1.5 billion, according to Defi Llama's data. In the past 24 hours, dYdX's native token DYDX is down nearly 8%.

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