Scam Alert

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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.