What else is new though, the hacks involving Defi is ramping up and I would say that scammers are having a easy time exploiting this projects because of poor management. Unlike 2017's ICO's wherein scammers just have to gain the trust months in/out before they ran or exit scam.
But now it's different, scammers found vulnerabilities and then attack when you don't expect it. Typical thieves, to be honest.
Topic: $8.2 million worth WNXM token has been hacked (Read 225 times)
https://i.ibb.co/T1SWKcW/IMG-20201214-205715-412.jpg
Another big Hack in DeFi! $8.2 million worth WNXM token has been hacked 😱 !!!
Another big Hack in DeFi! $8.2 million worth WNXM token has been hacked 😱 !!!
Well else is new! how long will this go on for, seriously this is making me not to consider investing on defi even though there are so many defi project that are good and can bring good returns,
why is it so difficult for the defi devs to find a partial solution that will prevent frequent hack on the space, this will really affect the trust of investors and discourage them from investing, really bad.
Another dllefi project fail this time. And how can they just post such tweet that obliging hackers to return the coins? They're not dumb to dk that. It could hardly convinced user and investors that the projects security or should I say most of the defi projects were vulnerable with hacks. The fact that they couldn't compensate the losses will hit the wall of a failed project.
This is what makes the image of cryptocurrencies bad,
hacker incidents continue to be a routine incident this year, especially DeFi already has a bad image,
even though people think DeFi is safe, but it's the opposite.
hacker incidents continue to be a routine incident this year, especially DeFi already has a bad image,
even though people think DeFi is safe, but it's the opposite.
Nowadays it is hard believing most things about DeFi projects, their use case and hacks, this curiosity is as a result of a question that always comes to mind which is, why are these hacks targeted towards Defi projects majorly? If in fact they are decentralized, how is that hackers are just playing with them and stealing huge amount of money, unless this shows some of these DeFi projects are not truly secured. Another bad effect of this hacks on Defi projects is that, it will keep reducing the trust investors and users have towards them, that is, how can they be trusted when they can't secure your investment. Nevertheless, I wish that team the best in recovering their stolen funds and I wish other Defi projects will take a look inwards and start securing their platforms since it's obvious hackers are now more interested in them and not exchanges again.
Obviously, this is something terrible for us in the world of cryptocurrencies,
even though 2020 is coming to an end in a few days, and an incident occurred,
what I fear is the impact on the Bitcoin price, it does seem that today is very volatile,
it looks like this week is going to be decisive Bitcoin price.
even though 2020 is coming to an end in a few days, and an incident occurred,
what I fear is the impact on the Bitcoin price, it does seem that today is very volatile,
it looks like this week is going to be decisive Bitcoin price.
A 300k bounty as a prize for the pirate? It seems implausible!
The NXM market has been falling for 3 months and now with this news it lost 22% of its value in 24 hours. It seems very strange.
That's why I don't trust DeFí...
The NXM market has been falling for 3 months and now with this news it lost 22% of its value in 24 hours. It seems very strange.
That's why I don't trust DeFí...
Don't generalized your judgement on DeFi. It's true that many DeFi project got hack, smart contract attack and other exit scam reason. But DeFi indeed is a good technology and idea the problem is that because its goal is to be totally decentralized, Many of the project are being tempted to exit scam because they can do it discreetly due to the nature of there decentralized project. There are still some solid project in DeFi that still standing strong. Just those yield farming shit that offering insane APY.
Hackers again are smarter than defi users. Some things never changes
You expect me to believe that 😒? It seems like every DeFi projects are now using hacks to dodge some blames and responsibilities, it's more like a planned work, sorry mate I don't believe DeFi hacks anymore, there is now more that meet the eye
DEFI hacks are very possible, but it's also true that the rate at which these platforms get hacked, one might suggest some developers do it on purpose. Well, I doubt if a successful project like WNXM will forge a hack, this is a call for all DEFI platforms to keep advancing their security since hackers keep looking for new means to bypass security.
Even the fact that they try to reward the hacker if they return all the token means they somehow can't do much to make the stolen coin back.
A 300k bounty as a prize for the pirate? It seems implausible!
The NXM market has been falling for 3 months and now with this news it lost 22% of its value in 24 hours. It seems very strange.
That's why I don't trust DeFí...
The NXM market has been falling for 3 months and now with this news it lost 22% of its value in 24 hours. It seems very strange.
That's why I don't trust DeFí...
Quote
The attacker, also a Nexus Mutual member, completed KYC (know-your-customer) 11 days ago and switched to a new address on Dec. 3, before gaining remote access to Karp’s computer and modified MetaMask wallet extension, according to the company’s tweets. That tricked him into signing a different transaction that transferred funds from his hardware wallet to attacker’s address.
- https://www.coindesk.com/ceo-of-defi-insurer-nexus-mutual-hacked-for-8m-in-nxm-tokensHow stupid can this CEO be or, should I say, how lame is that excuse?
It won't be long for the funds to be returned if they really identified the attacker assuming what was sent for KYC verification was his real data. The CEO also said that it will be difficult to cash out the hacked tokens but he still offered a $300K bounty hehe.
- https://twitter.com/HughKarp/status/1338452087374553091
An easy $300K for the "attacker" huh?
I think the attacker already have a plan to withdraw it also I don't think the person (Is that the CEO?) will drop the case after the attacker returned the WNXM. What do you think about it? Is that something like a trap or he really dares to give $300k bounty?
that looks so crap to see that the majority of defi was not doing regular audit to the its code. the defi developers can manipulate its project easily. People are putting their live in defi and they must stop it lol.
Another DeFi hack again? Not good! This is why Defi will be going extinct soon. Hackers, scammers and other bad actors have started using it as a means to an end to milk off innocent defi users of their funds. These days, I'm scared to participating in any defi project even if they claim that they have fully audited their project source codes. Even though Nexus Mutual hack isn't directly connected to the project gbut due to a fault from the CEO's end, I still feel skeptical about it because investors of rhe project will be in loss as token value has dropped.
https://i.ibb.co/T1SWKcW/IMG-20201214-205715-412.jpg
Another big Hack in DeFi! $8.2 million worth WNXM token has been hacked 😱 !!!
How ironic is this hack because this project was aimed at providing insurance so lets see how it would provide the insurance to its own investors and token holders, things are not as simple as they look like and it seems like developers are attacking other developers projects because a common person cannot hack such complex contracts. Another big Hack in DeFi! $8.2 million worth WNXM token has been hacked 😱 !!!
You expect me to believe that 😒? It seems like every DeFi projects are now using hacks to dodge some blames and responsibilities, it's more like a planned work, sorry mate I don't believe DeFi hacks anymore, there is now more that meet the eye
DEFI hacks are very possible, but it's also true that the rate at which these platforms get hacked, one might suggest some developers do it on purpose. Well, I doubt if a successful project like WNXM will forge a hack, this is a call for all DEFI platforms to keep advancing their security since hackers keep looking for new means to bypass security.
https://i.ibb.co/T1SWKcW/IMG-20201214-205715-412.jpg
Another big Hack in DeFi! $8.2 million worth WNXM token has been hacked 😱 !!!
So proves again that whether it is audited or not.Another big Hack in DeFi! $8.2 million worth WNXM token has been hacked 😱 !!!
No wonder how high the claims are from the developers, all these projects are not 100% secure so that means they are highly risky and your funds can be stolen. I will wait more till we get fool proof defi to invest.
An easy $300K for the "attacker" huh?
Seems like a good deal. But do they really think that people would believe with those excuses as it's like a magical hack that's been done by one of their people?This is totally ridiculous on the side of a defi project, they'll create a project and when they're about to be gone, an unexpected event like hacking will come and occur with those reasonings.
You expect me to believe that 😒? It seems like every DeFi projects are now using hacks to dodge some blames and responsibilities, it's more like a planned work, sorry mate I don't believe DeFi hacks anymore, there is now more that meet the eye
I couldn't agree more. 
So those large number of tokens are only stored in the metamask wallet? I think every technical person understands the importance of cold storage.
Whether this is purely a hack or just another sneaky scenario, everyone should avoid defi 2020 projects. I think all will be hacked in the near future.
Whether this is purely a hack or just another sneaky scenario, everyone should avoid defi 2020 projects. I think all will be hacked in the near future.
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Yes, another hacked occurred in DeFi. I also this a few hours back. Though I have doubts about Defi hacking because I could not be sure it's actually hacking or a strategy of stealing people's money.
Hacking is always happening in crypto and after coming up of DeFi the ratio is increasing day by day. Let's see what will be the next project victim of a scam.
Hacking is always happening in crypto and after coming up of DeFi the ratio is increasing day by day. Let's see what will be the next project victim of a scam.
Probably scammer will have sharp strategies that's why he/she has done this attempt successfully and it's all indicates that the kyc data of scammer won't be genuine because if the scammer had given real identity for the kyc so he/she doesn't do this.
The way the hack happens still make me think everything that is hackable will still be hacked, I don't know how the guy knows the hacker did KYC recently and if this is true and the guy use his real document then the hacker is in trouble. I just feel the developer to is slack with security and this is a dent on the project as a whole
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