DeFi project exposed to exploitation and theft of $ 11 million
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Answer DeFi project exposed to exploitation and theft of $ 11 million
Since the advent of DeFi, the pace of exploitation, fraud and theft has not subsided in this emerging field.
A few hours ago, the decentralized finance project Value DeFi, operating on the Binance Blockchain (BSC), suffered an $11 million attack.
The hackers exploited a vulnerability in the protocol’s core code base.
Project Value lost a total of $17 million in two separate incidents:
Mr. “Igamberdiev” noted on Twitter that nine liquidity pools from the “Value DeFi” project were attacked today May 8, 2021.
The hackers stole funds in the form of nine different cryptocurrencies, including 15,000 BNB and 68,300 BUSD.
All funds were instantly exchanged for various Ethereum-based cryptocurrencies.
Mr. Igamberdiev identified the source of the error in the database, which prevents the swap procedure from behaving in the correct manner under certain circumstances, as the “root cause” of this attack.
Consequently, liquidity pools become crowded due to an imbalance between the first and second asset amounts in the pool’s pairs.
Exploiting decentralized financing projects:
Three days ago, Value DeFi lost $6 million in a previous attack.
The vandals reconfigured the reward-sharing pool and took full control of its funds.
After that, they sold all the stolen LP coins for 8,790.77 BNB on the 1Inch platform.
Read:Loom Network improves DeFi
The Value DeFi project team set up a compensation program, but many users noticed that the woman promising compensation was not on the project team, and discovered that this woman is actually a Chinese actress working as a freelance worker.
According to her profile on Fiverr, this woman offers the ability to read texts professionally in English and Chinese for 50 to 60 dollars.
Her name is Shan, and she now lives in Croatia.
Thus, the reputation of the “Value Defi” project has been damaged by repeated attacks and it is possible that the project as a whole is scam and fraud, especially with the emergence of recent indicators.
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