Team Finance Stolen $14.5 Million, Protocol Temporarily Down
Currently, all transactions on the Team Finance protocol are in jeopardy. The protocol has just had 14.5 million USD worth of tokens stolen, it is temporarily down until the vulnerability is fixed.
On October 28, as discovered by BitChecker, the DeFi financial key protocol Team Finance said that over $14.5 million in tokens were mined through the Uniswap v2 to v3 migration function on the platform.
According to reports, hackers illegally upgraded WTH, CAW, USDC, TSUKA tokens from Uniswap v2 assets on Team Finance to an attacker-controlled v3 pair with misleading valuation. By locking the tokens into the contract, the attacker bypassed the existing validation mechanisms and pocketed the huge excess as a return for the profit. In total, more than $13 million was arbitraged.
Team Finance says that the smart contract has been tested before and encourages the hacker to get in touch for a bug bounty. The developers have now halted all activity on the protocol and stated that all funds on the platform are not at risk of further mining.
Team Finance also became one of the victims of the Defi raid this October. Decentralized exchange Mango Finance was mined for $114 million earlier this month, while BNB Smart Chain achieved a $100 million mine on October 7.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
CoinCu News
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DeFi
Team Finance Stolen $14.5 Million, Protocol Temporarily Down
Currently, all transactions on the Team Finance protocol are in jeopardy. The protocol has just had 14.5 million USD worth of tokens stolen, it is temporarily down until the vulnerability is fixed.
On October 28, as discovered by BitChecker, the DeFi financial key protocol Team Finance said that over $14.5 million in tokens were mined through the Uniswap v2 to v3 migration function on the platform.
According to reports, hackers illegally upgraded WTH, CAW, USDC, TSUKA tokens from Uniswap v2 assets on Team Finance to an attacker-controlled v3 pair with misleading valuation. By locking the tokens into the contract, the attacker bypassed the existing validation mechanisms and pocketed the huge excess as a return for the profit. In total, more than $13 million was arbitraged.
Team Finance says that the smart contract has been tested before and encourages the hacker to get in touch for a bug bounty. The developers have now halted all activity on the protocol and stated that all funds on the platform are not at risk of further mining.
Team Finance also became one of the victims of the Defi raid this October. Decentralized exchange Mango Finance was mined for $114 million earlier this month, while BNB Smart Chain achieved a $100 million mine on October 7.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
CoinCu News
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