Amun’s Products Hacked Resulted In A Loss Of $300,000

Key Points:

• Amun’s PECO and DFI products were compromised on December 26, 2022, causing a loss of underlying funds of about $300,000.
• The liquidity pools were all drained as a result of the attacker creating 80 billion tokens and selling them on every DEX that was accessible.
• The team will give token owners their money back and let them know how they can anticipate repayment as soon as possible.

The index product provider Amun issued an article saying that on December 26, its products PECO and DFI were attacked, resulting in a loss of about $300,000 in basic funds.

The team has identified the attacker’s address – 0xf8b17Df4da32FAfDdA970aE1f76D2DbfF7091913. The attacker exploits the vulnerability to control the address of the rebalance manager, thereby rebalancing Amun’s product into a fake underlying token.

The attacker minted 80 billion tokens and dumped them on all available DEXs, causing all available liquidity pools to be exhausted. The DFI token was also subject to the same attack, which used the same address to perform the rebalance.

According to yesterday’s news, the price of the Polygon ecosystem index token PECO has dropped by 100%, and the official Twitter of its development team Amun has been deleted. After checking, the Twitter account has not been restored yet.

After the Amun team discovered the problem, it immediately rebalanced the manager contract so that it is only controlled by the company’s multi-sigs, not the addresses that have been attacked.

The team is working hard to identify all affected token holders and will compensate holders for their lost funds. The specific compensation will be based on the balance before the exploit. Once the repayment schedule is determined, it will be announced to the community as soon as possible.

Amun is a Swiss fintech startup that creates financial on-ramps to acquire, trade, and secure crypto assets. Individual customers and institutions can use the products to get crypto exposure safely, regulated, and easily.

Specifically, Amun is a provider of crypto indices and exchange-traded products (ETPs). The company issues crypto products listed on the SIX Swiss Exchange to provide investors with the opportunity to get crypto exposure in a regulated manner.

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.

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Harold

Coincu News