what's Unleash Protocol?
Unleash Protocol is a decentralized finance (DeFi) platform built as the financial layer on Story Protocol, specializing in IPFi (Intellectual Property Finance). It enables users to create, trade, collaborate on, and leverage IP assets in a multiplayer ecosystem. Features include lending and borrowing mechanisms with assets like $IP, looping hooks for leveraged positions, and staking for $vIP tokens. The protocol supports quests and badges for user engagement, such as supplying collateral, borrowing/repaying, and using swap hooks. Mainnet deployment allows liquidity provision across IP-related assets, fostering an innovative environment where IP fuels both creative and financial activities on the Story Protocol blockchain.
UnleashProtocol suffered a $3.9M exploit, funds moved to Ethereum and Tornado Cash.
Suffered an unauthorized drain exploit on Story Protocol resulting in approximately $3.9 million loss, with the exploiter bridging stolen funds (1,337.1 ETH) to Ethereum and depositing them into Tornado Cash.