@zasad@. Someone should teach the hacker about cryptonote coins hehe.
In any case, this is not a Defi hack article, however, this is also very questionable. It promises that its token's price floor only rises because of the magic of their taxation event.
I reckon paycoin had also a similar promise. The scam did not end very well for them.
Price floor: The price floor increases with every taxation event. This is the lowest possible price the contract will exchange TRIB for mUSD. The mUSD is sent to mStable’s saving contract where it continuously generates interest. As more and more sellers and buyers transact with the protocol, the price floor perpetually moves up. As long as there is buying and selling to the contract, it is impossible for the price floor not to go up over time. While many tokens out there can (and probably will) go to zero, that will be impossible with TRIB — it will have interest bearing capital permanently locked into the protocol.
Source https://medium.com/@defisatoshi2.0/introducing-a-new-paradigm-in-defi-the-pooled-interest-savings-token-171e02691ab9
Topic: DeFi hacks [history] - page 20. (Read 19110 times)
https://twitter.com/bZxHQ/status/1305496675474006017
"We are relieved to announce that the missing funds are now restored. More information will follow.
Stay tuned!"
The stolen funds have been returned.
According to rumors, the hacker was found because he sent money from his wallets to centralized exchanges. His identity has been established.
"We are relieved to announce that the missing funds are now restored. More information will follow.
Stay tuned!"
The stolen funds have been returned.
According to rumors, the hacker was found because he sent money from his wallets to centralized exchanges. His identity has been established.
@zasad@. bZx was attacked 3 times according to an article from Cryptoslate cryptocoin news outlet. This forces you question the qualifications of the development teams behind those Defi projects. Did they get a coding degree from codecademy.com hehehe?
The thing is that it has been audited by a third party, but didn't capture the bugs itself. So obviously, the blame should be on both the developers and that independent 3rd party. Although my take is that it's really hard to do simulation or create all the test cases because this is fairly new 'technology'.
@zasad@. bZx was attacked 3 times according to an article from Cryptoslate cryptocoin news outlet. This forces you question the qualifications of the development teams behind those Defi projects. Did they get a coding degree from codecademy.com hehehe?
https://www.theblockcrypto.com/post/77656/defi-protocol-bzx-attacked-lost-8-million-faulty-code
DeFi protocol bZx attacked once again, lost $8 million due to a faulty code
"Quick Take
DeFi lending protocol bZx was attacked once again last night and lost $8 million due to a faulty code.
bZx co-founder Kyle Kistner told The Block that “it’s difficult to say” how this “critical” bug went unidentified by the protocol’s two audit firms Peckshield and Certik."
iToken Duplication Incident Report
https://bzx.network/blog/incident
DeFi protocol bZx attacked once again, lost $8 million due to a faulty code
"Quick Take
DeFi lending protocol bZx was attacked once again last night and lost $8 million due to a faulty code.
bZx co-founder Kyle Kistner told The Block that “it’s difficult to say” how this “critical” bug went unidentified by the protocol’s two audit firms Peckshield and Certik."
iToken Duplication Incident Report
https://bzx.network/blog/incident
Thanks! It is very important to give people real information. People think that decentralized finances do not have any risks! But it is absolutely vice versa. It is a new industry, new code, no one tested it for a long time, so be careful and invest only what you can afford.
Right, many people think it is risk free but it is also risky either from hackers or price dump. Price is not a factor but security is must concern here and from this useful post, it is clear that DeFi projects aren't free from risky. As it is new system, new codes should be developed regularly to be more secured otherwise it will be cause of damage to the investors.
The majority of hacks happen on the Ethereum platform. Is it the programmer's fault or the platform?
I am waiting for a hack on the Tronix platform.
Recently the hacks are related to the Rebased token bug. It happens on projects with anonymous teams.
I am waiting for a hack on the Tronix platform.
Recently the hacks are related to the Rebased token bug. It happens on projects with anonymous teams.
Maybe you need to update it with the latest bZx hacked?
https://twitter.com/MarcThalen/status/1305354469354303488
You can also read more about the incident here: https://bzx.network/blog/incident
https://twitter.com/MarcThalen/status/1305354469354303488
You can also read more about the incident here: https://bzx.network/blog/incident
The hacks of Defi projects is the new normal. Most times we see Defi projects as a gold mine, but in real fact its a risk trap that has ensnared many. The prevalence of the hacks on Defi projects should be an indicator of the weakness of the projects and that should be taking into consideration when one making investment decisions.
What about that Sushi DiFi hack, or I would say scam?
Defi hacks is gaining more popularity over time and it feels like the more we hear of hacks and dumps, the more Defi projects that are being established and pumped. I'm personally scared of investing in Defi projects however lucrative they may be, due to the fear of losses which may arise as Defi seems like a bubble
to me.
to me.
Soft Yearn (SYFI)
https://cointelegraph.com/news/jackpot-user-turns-200-into-250k-thanks-to-a-buggy-defi-protocol
"An anonymous user managed to net a profit of $250k from a $200 outlay due to a flaw in a DeFi protocol clone’s rebase code.
An anonymous user has revealed how he made $250k in profits from a minor investment in a cloned version of Yearn.finance called Soft Yearn (SYFI)."
https://twitter.com/A_mplify/status/1302852245059330048
https://cointelegraph.com/news/jackpot-user-turns-200-into-250k-thanks-to-a-buggy-defi-protocol
"An anonymous user managed to net a profit of $250k from a $200 outlay due to a flaw in a DeFi protocol clone’s rebase code.
An anonymous user has revealed how he made $250k in profits from a minor investment in a cloned version of Yearn.finance called Soft Yearn (SYFI)."
https://twitter.com/A_mplify/status/1302852245059330048
@cryptoaddictchie. Many of them are comedies. Look at the list.
Also, I am not telling everyone that the concept of Defi is comedy. I am only telling everyone that the implementations of Defi are weak, buggy and exploitable. Is this the future of finance?
In any case, everyone should also remember that Defi needs a centralized organization to act as an oracle. This is the same type of trust that you are putting on financial institutions and companies and without the government to protect you and make the people behind the Defi project accountable.
This is a very bad situation for the user.
[moderator's note: consecutive posts merged]
Also, I am not telling everyone that the concept of Defi is comedy. I am only telling everyone that the implementations of Defi are weak, buggy and exploitable. Is this the future of finance?
In any case, everyone should also remember that Defi needs a centralized organization to act as an oracle. This is the same type of trust that you are putting on financial institutions and companies and without the government to protect you and make the people behind the Defi project accountable.
This is a very bad situation for the user.
[moderator's note: consecutive posts merged]
@cryptoaddictchie. I am not talking about the scams on the market and how we are manipulated to lose our investments.
Im aware dude. I just given emphasize on the quoted part. But thanks for sharing the info about the incident especially on yam's case. Though that incident doesnt really can be called hacked but like what you said lack of competence and failure to accomplish its goal.Is this really the future of finance? This is the comedy of the cryptospace.
@cryptoaddictchie. I am not talking about the scams on the market and how we are manipulated to lose our investments. This thread is about hacks and exploits because of developer incompetence.
Is this really the future of finance? This is the comedy of the cryptospace.
Is this really the future of finance? This is the comedy of the cryptospace.
however, investors are losing money because of their incompetence.
Aside from the bugs and developer's incompetence. I dont think we should shift the blame on them alone. There is also some problem on the side of investors. They just keep jumping off any defi projects that they will saw without much any knowledge on the tech and its function. Im sure 2 of these defi projects have been bought by fomo squads. Definitely when they already on rekt mode, they will spat scam on these. Typical but thats how the cycle rolls and curve will likely be a hot token for being listed on Binance.
There were 2 more Defi smart contracts that had bugs that were exploited again. Where did these developers come from? I reckon some of them might be the unqualified developers who were rejected or will be rejected by legitimate tech companies.
I am sorry. I do not want to call them bad, however, investors are losing money because of their incompetence.
DeFi meme coin YAM has succumbed to a bug within its rebase function, meaning the coin has lost control of its on-chain governance feature.
All of the roughly $750,000 Curve tokens stored in the project's treasury are lost as well, according to a Medium blog from the team.
Source https://www.coindesk.com/defi-meme-coin-yam-succumbs-to-fatal-rebase-bug
The CRV token officially, yet unexpectedly, launched at 6:25 PM EST today after an anonymous user, apparently unilaterally, deployed the open-source CRV token and CurveDAO contracts on the Ethereum mainnet earlier in the day.
Source https://decrypt.co/38708/anonymous-defi-user-deploys-curve-crv-token-early
I am sorry. I do not want to call them bad, however, investors are losing money because of their incompetence.
DeFi meme coin YAM has succumbed to a bug within its rebase function, meaning the coin has lost control of its on-chain governance feature.
All of the roughly $750,000 Curve tokens stored in the project's treasury are lost as well, according to a Medium blog from the team.
Source https://www.coindesk.com/defi-meme-coin-yam-succumbs-to-fatal-rebase-bug
The CRV token officially, yet unexpectedly, launched at 6:25 PM EST today after an anonymous user, apparently unilaterally, deployed the open-source CRV token and CurveDAO contracts on the Ethereum mainnet earlier in the day.
Source https://decrypt.co/38708/anonymous-defi-user-deploys-curve-crv-token-early
All these hacks are bound to happen with DEFI space just getting the attention recently hacker are bound to look for vulnerabilities in the system and exploit it but the main question is if the team would learn from mistakes and make the space better
I also created a similar thread: List of Defi Hacks.
If you look at the losses, this is a small amount compared to what was stolen from crypto exchanges.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
The amount is small because the amount of funds in DeFi is also small. If you want to compare the two, you should use percentages of total funds. In DeFi the losses are pretty big, like a half of the funds or all of the funds. With exchanges, they generally don't lose all their money if it's no an exit scam. Their how wallets is just a fraction of the coins that they hold.
And if you take this year, it's clear that there was more of the DeFi hacks than exchange hacks. So, thinks kinda look not good for DeFi, though it seem to have no effect on hype for now.
Jump to: