Team Finance Vulnerabilities Exploited By Hackers To Move Locked Liquid Tokens
Team Finance has been the victim of a malicious hack, with the attacker emptying $15.8 million in tokens from the system.
According to PeckShield, today’s attacker targeted the liquidity tokens held by Team Finance. The attack impacted four projects: CAW (A Hunters Dream), Dejitaru Tsuka, Kondux, and Feg. CAW was the most severely damaged by the event, with the attacker stealing $11.5 million in liquidity tokens.
According to the DeFi liquidity locker, the attacker abused its audited version 2 to version 3 migration mechanism.
According to PeckShield, the migration function weakness lets the attacker influence the price of liquidity tokens while converting from v2 to v3. Because of this price skewing, the attacker benefited significantly when the migration procedure was done.
Team Finance also advised the exploiter to contact them to negotiate a reward payout. Following a slew of high-profile breaches and vulnerabilities, such arrangements are becoming more popular in the DeFi domain.
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