New DeFi project hacked and $6 million stolen…details here
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Answer New DeFi project hacked and $6 million stolen…details here
It was believed that “not a day goes by without there being a fraud or theft in the crypto market.”
Recently, a project called “Value” was hacked, a new DeFi project.
The hack resulted in the theft of $6 million from the protocol and that was after a time when the project team was excited to work on developing the project further.
On November 13, the decentralized finance protocol, Value DeFi, tweeted:
We are very excited with our latest innovation “MultiStables Vault”
We strive to ensure that funds are always in SAFU with our wallets.
The tweet carries a lot of emojis, and a lot of pride in the work.
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But yesterday, November 14, the unexpected happened, as the project was subjected to a hack, about which the “Value DeFi” administration commented on Twitter by saying:
The MultiStables store was the subject of a complex attack that resulted in a net loss of $6 million.
We are currently investigating and exploring ways to mitigate the impact on our users.
MultiStables vault suffered a complex attack that resulted in a net loss of $6 million. https://t.co/dnFRa5yPBJ
We are currently working on an autopsy and are exploring ways to mitigate the impact on our users.Value DeFi Protocol (value_defi) November 14, 2020
To mix the feelings of the project community between confusion, anxiety and hope.
Some members of the project community were still dazed by the attack, and others rushed to quell feelings of fear and uncertainty.
This is evident in the Discord chat:
It looks as if the attack was due to a quick loan.
The attacker took a quick loan to influence the prices of the coins in the protocol vaults, then bought them at a low price and repaid the loan, making a profit.
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The “MultiStables Vault” project was supposed to have the following advantages:
- Prevent quick loan attack.
- Prevent counterfeit cryptocurrency attack.
- Prevent re-entry attack.
But it turns out that none of these mechanisms exist.
Justin Biebs, a follower of the Value DeFi project summed up the mood best, telling:
The team is a group of great men, and community management has been the best I’ve seen…
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She promoted the work she did, and made great progress every week.
I doubt they’ll give up, but it’s sad to see the community around them so torn apart.
Tell the “Value DeFi” community manager Source By saying:
We will not give up, we will make a plan and keep moving forward.
The price of the “VALUE” coin fell and collapsed after the news of the breach spread, by more than 50%.
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