← dYdX V3reviewed 2026-10-16 · 20 claims checked
Fact-check findings
What an automated fact-checker found when it re-read dYdX V3 against the sources the page cites. Only the most recent review is shown.
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These findings are produced by an automated reviewer, and its results vary between runs: the same page, checked three times on the same day, came back with 15%, 20% and 34% of its claims disputed, mostly because each run extracted a different number of claims. Treat what follows as leads, not rulings.
“Disputed” means the reviewer could not reconcile the claim with the evidence it cited. It does not mean the claim is false. “Unverifiable” means no reachable source settled it either way.
Nothing here changes the page on its own. A proposed correction is applied only after a human moderator approves it; until then the page reads as it did when reviewed.
disputed
1 claimThe reviewer could not reconcile the claim with the evidence it cited. This is a lead, not a ruling that the claim is false.
- #14[disputed][awaiting moderator]in section: Leadership Instability and Workforce Reduction
“dYdX's Total Value Locked dropped from over $500 million in March 2024 to approximately $287 million by October 2024, while competitor Hyperliquid's TVL reached an all-time high exceeding $870 million during the same period.”
reviewerdYdX's TVL dropped from over $500 million in March 2024 to approximately $287 million by October 2024, while Hyperliquid's TVL reached an all-time high exceeding $870 million during the same period.The dYdX TVL figures ($500M to $287M) are confirmed, but no source found supports an $870 million Hyperliquid TVL figure for this period. Contemporaneous reporting from the same October 29, 2024 news cycle (Forklog) puts Hyperliquid's TVL at approximately $670 million, over $200M lower than the page's claim.Proposed correction (not yet applied)dYdX's Total Value Locked dropped from over $500 million in March 2024 to approximately $287 million by October 2024, while competitor Hyperliquid's TVL reached an all-time high exceeding $670 million during the same period.
link rot
2 claimsA cited source no longer resolves or no longer says what the page attributes to it.
- #19[link rot][awaiting moderator]in the cited sources
“https://www.bnnbloomberg.ca/business/company-news/2024/07/23/defi-exchange-dydx-in-talks-to-sell-derivatives-trading-platform/”
reviewerSource URL for the BNN Bloomberg report on the V3 sale negotiations is live and supports the claim.Dead link in sources_used; same URL is duplicated in sections[6].sources[2] (see linked finding, same defect_group).Proposed correction (not yet applied)https://thedefiant.io/news/defi/dydx-trading-inc-discusses-sale-of-v3-infrastructure-for-undisclosed-amount-to-wintermute-and - #20[link rot][awaiting moderator]in section: V3 Software Sale Negotiations
“https://www.bnnbloomberg.ca/business/company-news/2024/07/23/defi-exchange-dydx-in-talks-to-sell-derivatives-trading-platform/”
reviewerSource URL for the BNN Bloomberg report, as cited inline in the 'V3 Software Sale Negotiations' section, is live and supports the claim.Same underlying dead link as the sources_used entry; grouped under the same defect_group so it is fixed once in both places.Proposed correction (not yet applied)https://thedefiant.io/news/defi/dydx-trading-inc-discusses-sale-of-v3-infrastructure-for-undisclosed-amount-to-wintermute-and
partially supported
2 claimsThe cited evidence supports part of the claim but not all of it.
- #6[partially supported][awaiting moderator]in section: November 2023 Insurance Fund Drain — Market Manipulation Attack
“A forensic investigation uncovered the alleged identity of the attacker; dYdX stated it was in contact with the individual and assessing all legal remedies.”
reviewerA forensic investigation uncovered the alleged identity of the attacker; dYdX stated it was in contact with the individual and assessing all legal remedies.Mixed support: one cited source's headline backs the 'in contact' framing, but the more detailed CoinTelegraph reporting on dYdX's own public statements describes only identification and a law-enforcement referral, not direct contact with the attacker. - #16[partially supported][awaiting moderator]in the timeline
“dYdX founder Antonio Juliano publicly attributes the $9M insurance loss to a targeted attack; FBI involvement confirmed; margin requirements raised to 100% for affected markets.”
reviewerdYdX founder Antonio Juliano publicly attributed the $9M insurance loss to a targeted attack with FBI involvement; margin requirements were raised to 100% for affected markets.The attribution and FBI-involvement portions of this entry are solidly confirmed. The '100% for affected markets' clause conflates an earlier, SUSHI-specific 100% margin hike (Nov. 1) with the broader, unquantified margin increases across many markets reported for November 18; no source found states a 100% figure was applied broadly on or around November 19.
confirmed
15 claimsThe cited evidence supports the claim as written.
- #1[confirmed][no action needed]in the summary
“dYdX V3 was a decentralized perpetual futures exchange built on Ethereum using StarkWare's StarkEx Layer-2 technology, operated by dYdX Trading Inc.”
reviewerdYdX V3 was a decentralized perpetual futures exchange built on Ethereum using StarkWare's StarkEx Layer-2 technology, operated by dYdX Trading Inc.Confirmed by L2Beat's technical review and general reporting on dYdX V3's architecture. - #2[confirmed][no action needed]in the summary
“The V3 product was formally sunset on October 28, 2024, with trading migrated to the dYdX Chain (V4) on Cosmos.”
reviewerV3 was formally sunset on October 28, 2024, with trading migrated to the dYdX Chain (V4) on Cosmos.Date and migration confirmed by multiple independent outlets beyond the two lower-credibility sources cited on the page. - #3[confirmed][no action needed]in section: November 2023 Insurance Fund Drain — Market Manipulation Attack
“Using over 132 linked wallet addresses traceable to a single funding source, the attacker deposited approximately $16 million total, built large leveraged long positions on dYdX V3, then aggressively purchased spot tokens on external venues to inflate prices.”
reviewerThe attacker used over 132 linked wallet addresses tied to a single funding source and deposited approximately $16 million total.Verified directly against dYdX's own post-mortem blog. Figures match. - #4[confirmed][no action needed]in section: November 2023 Insurance Fund Drain — Market Manipulation Attack
“The attacker withdrew approximately $27 million in total, for a net gain of roughly $11 million.”
reviewerThe attacker withdrew approximately $27 million in total, for a net gain of roughly $11 million; the insurance fund absorbed the shortfall (more than $9 million, ~40% of total V3 insurance reserves).Figures confirmed against the primary post-mortem and corroborating press coverage. - #5[confirmed][no action needed]in section: November 2023 Insurance Fund Drain — Market Manipulation Attack
“SUSHI surged approximately 180% (from $0.67 to $1.20) and YFI surged approximately 215% (from around $6,500 to over $14,000), with YFI open interest on V3 spiking from $0.8 million to $67 million.”
reviewerSUSHI surged approximately 180% (from $0.67 to $1.20) and YFI surged approximately 215% (from around $6,500 to over $14,000), with YFI open interest spiking from $0.8 million to $67 million.The percentages are end/start price ratios rather than net percentage increases (e.g., $1.20/$0.67=179%, which is a 79% increase, not 180%), which looks like questionable math, but this is exactly how dYdX's own post-mortem phrases it. The page is a faithful restatement of its primary source, not an error the page introduced. - #7[confirmed][no action needed]in section: July 2024 DNS Hijacking Attack
“Attackers gained unauthorized access to the domain registrar account — originally registered at Google Domains but migrated to Squarespace, which allegedly disabled multi-factor authentication during the transition — and redirected visitors to a counterfeit site.”
reviewerOn July 23, 2024, the dYdX V3 web frontend was compromised via DNS hijacking after the domain registrar migrated from Google Domains to Squarespace, which allegedly disabled MFA during the transition, enabling a PERMIT2 wallet-draining counterfeit site; smart contracts were unaffected.Fully corroborated across BleepingComputer, CoinDesk, CoinTelegraph and DL News. - #8[confirmed][no action needed]in section: July 2024 DNS Hijacking Attack
“The attack coincided with Bloomberg reports that dYdX Trading Inc. was in talks to sell the V3 software to market makers Wintermute Trading and Selini Capital, with Perella Weinberg Partners advising the process.”
reviewerThe DNS hijacking coincided with Bloomberg reports of a V3 software sale negotiation to Wintermute Trading and Selini Capital, with Perella Weinberg Partners advising.Core facts confirmed via multiple outlets, though the specific BNN Bloomberg URL cited on the page is now dead and redirects to the homepage (see link_rot findings). - #9[confirmed][no action needed]in section: Software Supply Chain Attacks (2022 and 2026)
“In September 2022, a dYdX staff member's npm account was hijacked and new versions of the 'solo' and 'perpetual' packages were published containing credential-stealing malware. The malicious packages were used by at least 44 cryptocurrency projects. The threat was detected and disclosed by Mend's Supply Chain Defender within approximately 30 minutes.”
reviewerIn September 2022, a dYdX staff member's npm account was hijacked and malicious versions of the 'solo' and 'perpetual' packages were published, affecting at least 44 crypto projects, detected by Mend within ~30 minutes.Confirmed. One secondary source phrases the '44' figure as GitHub repositories rather than distinct projects, but BleepingComputer's own wording ('used by at least 44 cryptocurrency projects') matches the page. - #10[confirmed][no action needed]in section: Software Supply Chain Attacks (2022 and 2026)
“In January 2026, researchers at Socket discovered that legitimate developer credentials had been used to publish trojanized versions of the npm package @dydxprotocol/v4-client-js (versions 3.4.1, 1.22.1, 1.15.2, 1.0.31) and the PyPI package dydx-v4-client (version 1.1.5post1).”
reviewerIn January 2026, Socket discovered trojanized versions of @dydxprotocol/v4-client-js (3.4.1, 1.22.1, 1.15.2, 1.0.31) and dydx-v4-client (1.1.5post1) using compromised legitimate developer credentials.Fully verified by fetching both the Socket and Hacker News sources directly. - #11[confirmed][no action needed]in section: Software Supply Chain Attacks (2022 and 2026)
“The malicious payloads included a cryptocurrency wallet stealer targeting seed phrases and a Python-based Remote Access Trojan (RAT) beaconing to a command-and-control server registered approximately three weeks before the attack. The attacker used 100-iteration obfuscation in the PyPI variant.”
reviewerThe C2 server was registered approximately three weeks before the attack, and the PyPI variant used 100-iteration obfuscation.Confirmed via Socket's blog and corroborating reposts of its findings. - #12[confirmed][no action needed]in section: Centralization Risks and Architecture Concerns
“L2Beat's review of V3 noted that a live and trustworthy operator was vital to system health, and that MEV could be extracted if the operator were to exploit their centralized position by frontrunning user transactions.”
reviewerL2Beat noted a live and trustworthy operator was vital to system health, and MEV could be extracted via operator frontrunning.Directly confirmed by fetching the L2Beat page. - #13[confirmed][no action needed]in section: Leadership Instability and Workforce Reduction
“Founder Antonio Juliano stepped down as CEO in May 2024, with Ivo Crnkovic-Rubsamen, the former chief strategy officer, taking over. Juliano returned as CEO in October 2024.”
reviewerAntonio Juliano stepped down as CEO in May 2024 (Ivo Crnkovic-Rubsamen took over) and returned as CEO in October 2024.Both the step-down and return dates are independently confirmed and match the timeline entries. - #15[confirmed][no action needed]in section: Leadership Instability and Workforce Reduction
“Concurrent with his return and the V3 shutdown, Juliano announced a 35% reduction in the company's core workforce, citing tough competition and declining market position.”
reviewerConcurrent with Juliano's return, dYdX announced a 35% core workforce reduction.Confirmed. - #17[confirmed][no action needed]in section: V3 Software Sale Negotiations
“In July 2024, Bloomberg reported that dYdX Trading Inc. was in negotiations to sell the V3 derivatives software to institutional market makers Wintermute Trading and Selini Capital.”
reviewerIn July 2024, Bloomberg reported dYdX was negotiating to sell V3 derivatives software to Wintermute Trading and Selini Capital, with Perella Weinberg Partners advising.Confirmed via multiple independent outlets covering the same Bloomberg report. - #18[confirmed][no action needed]in section: V3 Software Sale Negotiations
“As of the V3 sunset on October 28, 2024, no completed acquisition had been publicly confirmed.”
reviewerAs of the V3 sunset on October 28, 2024, no completed acquisition of the V3 software had been publicly confirmed.Absence-of-evidence check: no source found reports the sale as completed, consistent with the page's cautious phrasing.
How this fits together. The reviewer reads the published page and its cited sources and records one finding per claim. A human moderator decides whether each proposed correction is applied; those decisions, and the score changes they cause, appear in the audit log. Earlier review runs are not shown here; only the latest reflects the page as it stands.