Hacking a decentralized finance project and stealing more than 1 million dollars…Details here
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Answer Hacking a decentralized finance project and stealing more than 1 million dollars…Details here
According to report Issued by PeckShield, NowSwap has been hacked and lost more than $1 million.
In fact, the current implementation only forces 1/10 of a K! The hacker seized $535,000 and 158 plots of land. USDTs exchanged to ETH via @ 1 inch Then wash across Tweet embed
– PeckShield Inc. (pickshield) September 15, 2021
The attackers stole $535,000 and 158 encapsulated Ethereum (WETH).
USDT is converted to ETH through a decentralized exchange service, “1inch” and then these cryptocurrencies are transferred to the anonymous exchange “Tornado Cash”.
Read:Ethereum Deposit Contracts Ethereum 2.0 Reaches a New Milestone
The hackers used an invalid transaction value in the NowSwap trading pair contract to attack the protocol.
Targeting of decentralized financing projects continues:
Hacks targeting Defi projects have spread like wildfire and decentralized finance protocols are at the mercy of the specter of hacks and the fear that they will be the next victim.
Recently, CREAM Finance has also suffered from exploits and hacking.
The platform shared with its users that the hacking was in stages.
CREAM Finance with the help of PeckShield also revealed that the exploit occurred due to an error in the integration process with the “Finance AMP” protocol.
The decentralized finance protocol “PolyNetwork” also suffered the largest penetration in the decentralized finance arena, with a value of $610 million.
The protocol was hacked on August 10, as the hacker managed to bypass the security clearances.
The hacker transferred the stolen funds to three different wallets:
Binance, Ethereum, and Polygon.
Most of the funds were transferred to USDC, USDT, and BUSD stable cryptocurrencies.
Then the attacker returned all the money.
After the PolyNetwork hack, the Neko Network project was also attacked and lost more than 2 million stablecoins.
Read:Bitcoin erases the gains made in the last 24 hours and hopes for a quick recovery dwindle
The “Neko Network” attacker’s title earned $2 million, 390,000 BUSD and 1 BTCB.
The attackers used the “Binance Smart Chain” blockchain-based “PancakeSwap” to exchange the stolen stablecoins with BNB.
These were the most prominent examples of decentralized finance platforms and protocols that have been hacked.
At Bitcoin Arabs, we are keen to constantly warn against decentralized financing platforms and the need to take care and caution when dealing with them, and to stay away from new projects until they prove themselves.
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