Firm behind DeFi platform dYdX in talks of selling the dYdX v3 software: report

The Block2024/07/23 16:55

By:The Block

Quick Take The DeFi derivatives exchange dYdX is in talks of selling some of its software for an undisclosed sum, Bloomberg reports. Shortly after news of the potential sale, the platform disclosed on X that it had been compromised.

dYdX Trading, the firm overseeing the decentralized finance platform dYdX, is in talks of selling some of its software for an undisclosed figure, reports Bloomberg, citing people familiar with the matter.

Wintermute and Selini Capital are among the firms interested in the sale of the dYdX v3 software, Bloomberg adds .

dYdX offers decentralized derivatives, providing higher liquidity and lower slippage, or when a trade's price upon execution differs from the trade's requested price.

dYdX contains $452.2 million in total value locked, according to the crypto data tracker DeFiLlama .

dYdX compromised

dYdX announced that it was compromised shortly after public news of its potential software sale.

"We just learned that dYdX v3 website (dYdX . exchange) has been compromised," dYdX wrote on the social media platform X. "Please do not visit the website or click any links until further notice. An update will be provided when available. This message does not relate to dYdX v4."

Wintermute did not comment on the matter. The Block contacted dYdX and Selini Capital for comment but did not receive responses as of press time.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.