we published On Friday, Arab Bitcoin broke the news that the “Indexed Finance” project was hacked and stolen digital currencies worth $ 16 million.

But currently the project team says that they know who the hacker is and who is behind the theft.

Indexed Finance is a decentralized finance project based on Ethereum.

Hackers have seized cryptocurrencies backed by Indexed Finance after discovering a vulnerability in the protocol’s smart contracts.

The hacker took advantage of the fast loan mechanism by overloading the protocol with new assets.

This lowered the price of cryptocurrencies at Indexed Finance, which then allowed the hacker to mint and mint new cryptocurrencies.

Currently, two of the protocol’s six assets have lost most of their value, namely:

Read:Woman uses bitcoin to withdraw $300,000 in scams

DEFI5 and CC10 (both tokens that track large DeFi projects).

DEF15 is down 85% an hour after the hack, dropping the value from $88.73 to $3.67, according to CoinGecko data.

While “CC10” lost 98% of its value.

Prior to the breakout, the coin was trading at $62.50 but then dropped to $0.74.

Three other project codes that remain safe are:

DEGEN, NFTP, ORCL5

Lawrence Day, a 32-year-old contributor and member of the Indexed DAO project stated:

Origin VI FFF, a meta indicator containing DEFI5 and CC10, has been severely damaged and will need immediate termination in its current form.

A compensation plan will be developed.

He added:

Members of the project recognized the hacker on Friday because he did not cover his effects well enough.

The hacker has been given an ultimatum.

Either return the money by midnight Saturday or they will contact the legal authorities.

10% offer has expired. The attacker has until the time of EOD to return 100% of the stolen money or his information will be published and notify law enforcement authorities.

Read:Bitcoin trading platform “Bitmart” hacked and $200 million stolen…details here

Indexed Finance (ndxfi) October 16, 2021

Until now, it is not known if the hacker has responded to the request and will return the money or not?

The DeFi industry is a pilot industry vulnerable to hacking.

Read:Report: Ransomware grabs $81 million in crypto since early 2021

Indexed Finance is not the first project to suffer from such a huge loophole.

As the list of projects that have been hacked this year is long and wide, in the last month alone pNetwork lost $12.5 million, and the NFT project called “Vee Finance” was exploited by $35 million.

In August, a hacker smuggled $25 million from lending and borrowing platform Cream Finance.

Several projects have managed to recover some of the stolen money, but the massive hacks that happen every month are a reminder that the space is new, experimental, and risky.

Read also:

Learn about the “Gala” blockchain gaming platform that thrived thanks to “CoinEx”

First Bitcoin ETF Approved…Learn When It Starts Trading