dYdX: Approximately $9 million of the dYdX v3 insurance fund was used last night to fill the YFI market liquidation gap

ChainCatcher message, dYdX stated on social media that approximately $9 million from the dYdX v3 insurance fund was used last night to fill the gap in the YFI market liquidation. The v3 insurance fund remains sufficiently funded, with a remaining balance of $13.5 million. No user funds were affected, and the team is working hard to investigate the incident.

As an immediate measure, dYdX has increased the initial margin requirements for markets with lower liquidity, including EOS, ZRX, AAVE, ALGO, ICP, XMR, XTZ, ZEC, SUSHI, RUNE, SNX, ENJ, 1INCH, CELO, YFI, UMA, and SUSHI.

Additionally, high-profit trading strategies have now been prohibited.