#YFI Decentralized exchange (DEX) dYdX was forced to use its insurance fund to cover $9 million in user liquidations on Nov. 17. According to dYdX founder Antonio Juliano, the losses resulted from a “targeted attack” against the exchange. 

Based on reports from the dYdX team on X (formerly Twitter), the v3 insurance fund was used “to fill gaps on liquidations processes in the YFI market.” The Yearn.finance 

 token dropped 43% on Nov. 17 after soaring over 170% in previous weeks. The sudden price crash raised concerns within the crypto community about a possible exit scam.

According to Juliano, the v3 insurance fund still holds $13.5 million, and users’ funds were not affected by the incident. “Even though no user funds were affected, we will also be conducting a thorough review of our risk parameters and making appropriate changes to both v3 and potentially the dYdX Chain software if necessary,” he noted on X.

The alleged attack targeted long positions in YFI tokens on the exchange, liquidating positions worth nearly $38 million. Juliano believes trading losses affecting dYdX, as well as the sharp decline in YFI, have been caused by market manipulation:

P.S.I hope YFI going Bullish.

The technical analysis from the daily timeframe shows that the increase since the end of August has been parabolic. While this is unsustainable in the long run, the increase can continue if the parabolic ascending support line is intact.

If the line stays intact, there is a confluence of resistances between $105 and $110

The resistances are created by the 0.618 Fib retracement level of the entire decrease since the all-time high (white) and the 2.61 external Fib of the most recent drop (black).

Despite this bullish TRB price prediction, a daily close below the parabolic ascending support trendline can lead to a 45% drop to the closest support at $45.

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