HomeCoinsEthereum (ETH)Hacker uses $2,700 to drain $15.8 million from Team Finance

Hacker uses $2,700 to drain $15.8 million from Team Finance

- Advertisement -


Team Finance has suffered a malicious exploit with the attacker draining $15.8 million worth of tokens from the protocol.

Team Finance is a DeFi platform that helps other projects lock their liquidity. This is done to reduce the risk of what’s known as rug pulling — where a project’s liquidity is withdrawn, causing the value of the token to crash. 

Today’s attacker targeted the liquidity tokens under Team Finance’s custody, according to PeckShield. The attack affected four projects, namely CAW (A Hunters Dream), Dejitaru Tsuka, Kondux, and Feg. CAW was the most impacted in the incident with the attacker removing $11.5 million worth of its liquidity tokens.

The DeFi liquidity locker confirmed the incident, stating that the attacker exploited its audited version 2 to version 3 migration function. PeckShield stated that the flaw in the migration function allowed the attacker to manipulate the price of liquidity tokens when transferring from v2 to v3. This price skewing allowed the attacker to earn a significant profit after the migration process was completed.

“We have temporarily paused all activity through team finance until we are certain this exploit has been remedied. All funds currently on Team Finance are not at further risk of this exploit,” Team Finance stated.

The attacker used 1.76 ether ($2,700) to launch the attack, PeckShield noted. The attacker’s wallet address still holds the proceeds from the exploit, including $6.43 million in the DAI stablecoin and 880 ETH ($1.36 million).

Team Finance also urged the exploiter to get in touch to arrange a bounty payment. Such arrangements are becoming commonplace in the DeFi space amid a spate of recent high-profile hacks and exploits.

Team Finance joins a number of DeFi protocols to suffer malicious exploits in October with the month shaping up to be a record-breaking one for crypto security incidents. Earlier in the month, Mango Markets suffered a $114 million exploit with the attacker claiming that it was simply a “highly profitable trading strategy.”

 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Osato is a reporter at The Block who likes to cover DeFi, NFTS, and tech-related stories. He has previously worked as a reporter for Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 16,728.95
ethereum
Ethereum (ETH) $ 1,181.09
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 101.08
litecoin
Litecoin (LTC) $ 64.17
eos
EOS (EOS) $ 0.885623
okb
OKB (OKB) $ 22.72
tezos
Tezos (XTZ) $ 0.855164
leo-token
LEO Token (LEO) $ 3.98
cardano
Cardano (ADA) $ 0.263065
monero
Monero (XMR) $ 141.70
stellar
Stellar (XLM) $ 0.074461
chainlink
Chainlink (LINK) $ 5.99
huobi-token
Huobi (HT) $ 5.28
tron
TRON (TRX) $ 0.052884
usd-coin
USD Coin (USDC) $ 0.99973
dash
Dash (DASH) $ 41.88
neo
NEO (NEO) $ 6.63
iota
IOTA (MIOTA) $ 0.167576
nem
NEM (XEM) $ 0.029918
zcash
Zcash (ZEC) $ 41.28
maker
Maker (MKR) $ 540.64
paxos-standard
Pax Dollar (USDP) $ 0.998893
ethereum-classic
Ethereum Classic (ETC) $ 16.16
vechain
VeChain (VET) $ 0.016883
true-usd
TrueUSD (TUSD) $ 0.999497
kucoin-shares
KuCoin (KCS) $ 6.46
waves
Waves (WAVES) $ 1.52