DeFi hacks [history] - page 5. | Bitcointalksearch.org

o48o

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Quote from: Daltonik on July 04, 2023, 12:32:57 PM

The Poly Network DeFi platform was hacked using a vulnerability in a smart contract, the hacker managed to issue tokens worth billions of dollars, in particular 99 million BNB, 10 billion BUSD, about 100 trillion SHIB, but they were of no value because they were not provided with liquidity. Nevertheless, the hacker was able to withdraw Ethereum for $ 5 million, Poly Network admitted the fact of hacking

https://twitter.com/PeckShieldAlert/status/1675443876574937088

Hackers famously use bridge attacks for their most successful attacks and Polygon is like a crypto made of bridges. *Surprised pikachu face*
One would think that a crypto project that's moving money for speed of 3 Million transactions per day would need to be iron proof for people to trust their money to it.
Now why would anyone want move real banks to decentralized platforms when they see something like this. Nor they should.

Sadly this won't be the last hack. Far from it.

Daltonik

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The Poly Network DeFi platform was hacked using a vulnerability in a smart contract, the hacker managed to issue tokens worth billions of dollars, in particular 99 million BNB, 10 billion BUSD, about 100 trillion SHIB, but they were of no value because they were not provided with liquidity. Nevertheless, the hacker was able to withdraw Ethereum for $ 5 million, Poly Network admitted the fact of hacking

https://twitter.com/PeckShieldAlert/status/1675443876574937088

abel1337

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Quote from: FP91G on June 28, 2023, 11:58:40 AM

According to several reports, Chibi Finance, the decentralized finance (defi) platform built on top of Arbitrum, allegedly executed an exit scam on its users. Blockchain intelligence firm Peckshield provided a detailed account, revealing that approximately $1 million worth of cryptocurrency assets were illicitly withdrawn and converted into Ethereum.
https://news.bitcoin.com/chibi-finance-exit-scam-1-million-cryptocurrency-heist-rocks-defi-platform-on-arbitrum/

Oh no, the fairly new Arbitrum is used as a scam platform by the scammers. It's not the first but I hope this won't encourage other DeFi projects to run as it can surely affect the Arbitrum as a project. With the increasing number of DeFi scams, there might be a time where people won't consider deFi projects as it is prone to being a scam and there might be a chance where a new solution to this DeFi running projects will be born. Of course there's a chance that it will be a trend and people will start transitioning to it as it is better. If everything lines up when a solution comes up, it might be the catalyst of the bull run.

FP91G

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According to several reports, Chibi Finance, the decentralized finance (defi) platform built on top of Arbitrum, allegedly executed an exit scam on its users. Blockchain intelligence firm Peckshield provided a detailed account, revealing that approximately $1 million worth of cryptocurrency assets were illicitly withdrawn and converted into Ethereum.
https://news.bitcoin.com/chibi-finance-exit-scam-1-million-cryptocurrency-heist-rocks-defi-platform-on-arbitrum/

zasad@

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https://coinmarketcap.com/headlines/news/trading-firm-hashflow-faces-ongoing-exploit-with-600000-lost-so-far-peckshield/
Trading firm Hashflow faces ongoing exploit, with $600,000 lost so far: PeckShield
"Trading firm Hashflow is facing an ongoing exploit that has taken at least $600,000 in ether and arbitrum.

The vulnerability appears to refer to the firm's bridge contract, according to PeckShield. Hashflow offers cross-chain swaps as part of its trading service.

PeckShield said the exploit related to contract approvals. Since the exploit started, it seems that Hashflow has moved to revoke approvals for multiple tokens."

FahriZah

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Sometimes i seen somewhere the Defi hacks and finally i,m really satisfied about Defi hacking news from this post and best way to knowing as well always is better than others news.

FP91G

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Decentralized finance (DeFi) platform Sturdy Finance has offered a $100,000 bounty to the hacker that exploited the protocol. The lending platform said that its team won’t pursue the issue further if the attacker accepts the offer.

On June 12, the DeFi platform suffered a loss of almost $800,000 in digital assets when an attacker exploited vulnerabilities within the platform. Security firms pinpointed that the cause of the exploit was a faulty price oracle and the hack was carried out through a reentrancy attack. In response, the platform paused all markets and assured the community that other funds were not at risk.
https://cointelegraph.com/news/defi-protocol-sturdy-finance-offers-100k-bounty-to-hacker-if-funds-are-returned

zasad@

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https://cryptonews.com/news/new-report-north-koreas-cyber-army-allegedly-stole-3-billion-crypto-fund-nuclear-program.htm
New Report: North Korea's Cyber Army Allegedly Stole $3 Billion in Crypto to Fund Nuclear Program
"According to a recent analysis by The Wall Street Journal, state-sponsored hackers from North Korea have netted more than $3 billion from crypto thefts over the past five years.

The stolen funds have been supplying roughly half of North Korea's ballistic missile program, with defense accounting for a significant portion of the country's expenditure.

The report noted that North Korean hacking groups account for a huge portion of illicit cyber activities, as well as some of the biggest crypto heists ever.

For one, the North Korean Lazarus group of hackers is believed to be behind the hack of Axie Infinity's Ronin blockchain, which saw hackers make off with about $625 million worth of Ethereum and USDC in one of the largest crypto hacks of all time.

“When you look at the amount of funds stolen, [it] would look like an existential threat to what you are building," Aleksander Larsen, chief operating officer at Sky Mavis, told the WSJ.

The gaming company lost the funds after North Korean hackers reached out as a recruiter to an engineer. "

zasad@

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Activity: 2016

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https://www.msn.com/en-us/travel/other/1-this-crypto-coin-is-called-jimbo-2-8m-was-stolen-from-its-devs-in-flash-loan-attack/ar-AA1bUkUz
"Just days after releasing the second – and supposedly more stable and secure – version of its decentralized finance (DeFi) app, Jimbos Protocol over the weekend was hit by attackers who stole stole 4,090 ETH tokens from the project worth about $7.5 million.…

The developers behind the Arbitrum-based app were the apparent victims of a flash loan attack and now are scrambling to track down the light-fingered coders and retrieve the lost funds."

FP91G

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The Swaprum team has drained $3M in ETH from the protocol.
Swaprum is an Arbitrum-based decentralized exchange.
SAPR tokens have essentially become worthless following the heist.
Swaprum developers execute $3M heist
Despite their anonymity nature, cryptocurrencies follow the principles of transparency and trust. Nonetheless, exit scams and hacks have been long-term challenges in this space. Recent Swaprum events have reminded market players of the threats that scammers and hackers cause.
https://invezz.com/news/2023/05/20/just-in-sapr-tokens-worthless-following-3m-rug-pull-by-swaprum-developers/

zasad@

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Activity: 2016

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https://www.worldstockmarket.net/zachxbt-defi-project-fintoch-stole-31-6-million-from-users/
ZachXBT: DeFi project Fintoch stole $31.6 million from users
"DeFi project Fintoch was accused of that. that it may be a pyramid scheme, and its creators stole $31.6 million from users. Blockchain investigator @ZachXBT reported this.
Millions of users have been withdrawn to BNB Chain (formerly Binance Smart Chain) through the Tron and Ethereum networks. @ZachXBT writes that he began to suspect the Fintoch team of fraud after the project’s clients began to regularly report problematic withdrawal of capital from the site."

RussianEnglishTranslation

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FP91G

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UNIDENTIFIED INDIVIDUALS SEIZED CONTROL OF TORNADO CASH
On May 20, unknown persons seized control over the control mechanism of the Tornado Cash Ethereum mixer. According to Paradigm analyst samczsun, attackers have already begun to withdraw TORN tokens from smart contracts of the protocol.
According to the expert, unknown people introduced a malicious proposal, the code of which provided the ability to call the function EmergencyStop to update logic after acceptance. With its help, unknown people appropriated 1.2 million votes.

Hackers were able to revoke blocked tokens, transfer assets to the managing smart contract, and stop the router.

The analyst emphasized that attackers cannot withdraw cryptocurrency from separate pools. However, they have already begun to “merge” the blocked votes.
https://www.archyde.com/unidentified-individuals-seized-control-of-tornado-cash/

zasad@

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https://cointelegraph.com/news/deus-finance-loses-6m-following-stablecoin-hack

Deus Finance loses $6M following stablecoin hack
"The attacker targeted the BNB Smart Chain and the Arbitrum network, with CoinMarketCap data showing the DEI price dropping 30% following the security incident.
Decentralized finance (DeFi) protocol Deus Finance has lost over $6 million due to a security breach on its stablecoin DEI. The hacker exploited a vulnerability in BNB Smart Chain (BSC) on May 5, according to blockchain security firm PeckShield.

A bot initiated the hack on BSC, which led to a more than $1.3 million loss. The attacker also targeted the Arbitrum network, with ARB/ETH deployments losing over $5 million. Twitter users claimed the token contract had a basic implementation error as the root cause."

Rampagoe004

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I have always said that all forms of modern finance have advantages and disadvantages. I hope this can be a punch in the face of those who praise DeFi as the best financial instrument. I prefer to think realistically. DeFi or centralization has several advantages. The drawback of being centralized is that all forms of finance are not completely transparent and data manipulation can occur. We also don't have full control over our assertion where we have to follow some rules made by the Bank or other security. And DeFi is very prone to being hijacked and hacked. For those who are really tech savvy it might not be a problem but when it's not your lucky day then you will face some downsides with your Defi.

zasad@

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Activity: 2016

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https://cointelegraph.com/news/level-finance-confirms-1m-exploit-due-to-buggy-smart-contract

Level Finance confirms $1M exploit due to buggy smart contract
An attacker manipulated a “claim multiple” bug in a Level Finance smart contract to steal more than 214,000 LVL tokens from the exchange.
Level Finance informed its 20,000 Twitter followers that more than 214,000 of the exchange’s LVL tokens had been drained and swapped into 3,345 Binance Coin, with an approximate value of $1.01 million.
https://twitter.com/Level__Finance/status/1653140756540825638?

zasad@

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Activity: 2016

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https://news.coincu.com/183924-breaking-zksync-dex-merlin-hacked-1-82-m/

BREAKING: zkSync DEX Merlin Hacked, $1.82 Million In Stolen Funds

zkSync, a Layer 2 scaling solution for Ethereum, has experienced a significant setback as its DEX Merlin was hacked. The hacker has stolen over $1.82 million in funds, and the LP has been drained.
BREAKING: zkSync DEX Merlin Hacked, $1.82 Million In Stolen Funds
According to the founder of OxScope, 0xBobie, the stolen funds have been identified to be in two wallets:

0x0b8a3ef6307049aa0ff215720ab1fc885007393d
0x2744d62a1e9ab975f4d77fe52e16206464ea79b7
The potential hacker bridged all the stolen funds to Ethereum.

FP91G

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Hacker Exploits Hundred Finance Protocol In $7.4 Million Heist
The multi-chain lending protocol hopes to contact its attacker as the HND token value falls 46%.
The multi-chain lending protocol Hundred Finance disclosed Saturday that it lost around $7 million after being hacked on the Ethereum layer-2 blockchain Optimism.
https://decrypt.co/136918/hacker-exploits-hundred-finance-protocol-in-7-4-million-heist

zasad@

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Activity: 2016

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https://www.coindesk.com/business/2023/04/13/defi-protocols-aave-yearn-finance-likely-impacted-in-exploit-peckshield/

DeFi Protocol Yearn Finance Impacted in Nearly $11M Exploit That Occurred Via Aave Version 1

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A bug in a token issued by decentralized finance (DeFi) protocol Yearn Finance was impacted in an exploit this morning, security firm PeckShield tweeted, leading to millions of dollars in losses.
Losses could total over $11 million and occurred on Aave version 1, the data suggested. These were spread over U.S. dollar-pegged stablecoins dai (DAI), tether (USDT), USD coin (USDC), Binance USD (BUSD) and tru USD (TUSD).

FP91G

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Tether Blacklists MEV Bots Exploiter ‘Sandwich the Ripper’ After ‘Official Requests’
Tether, a centralized entity behind popular stablecoin USDT, has blacklisted an Ethereum validator who had front-run MEV bots, earning $25 million via a sandwich attack.
The exploiter, who called themselves “Sandwich the Ripper,” will no longer be able to receive, send or redeem the $3 million worth of USDT held in their address.

Tether’s decision to blacklist the exploiter has drawn criticism from industry participants.

Uri Klarman, the CEO of bloXrouteLabs, told Blockworks in an interview that the exploiter did exactly what a sandwich bot would do.

“It didn’t hurt the consensus, it didn’t create two blocks at the same time, it gave them an invalid block that didn’t propagate,” Klarman said.
https://blockworks.co/news/tether-blacklists-mev-bots-exploiter

Topic: DeFi hacks [history] - page 5. (Read 19555 times)