On Bitcoin’s 14th Birthday, the Gemini-DCG War of Words Heats Up
The Breakdown
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DeFi Hacks - The Code Is Law Concept
Eisenberg's exploit was simply using the platform as design, but in a way that wasn't intended. He then pumped the price of the low float token by 1300% using futures contracts,. This allowed him to take out a massive loan which he had no intention of repaying. The collateral value then crashed, leaving the lending platform with a massive amount of bad debt and functionally insolvent.
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