Bondly Finance urges users to stop trading after alleged mining

The decentralized e-commerce platform Bondly Finance is the latest decentralized financial platform (DeFi) that has allegedly been phased out. Development team to advise The DeFi community will cease trading Bondly, the platform’s native token, following a suspicious mining incident on July 15th.

Bondly Finance has not yet released any details about the attack other than that it was compromised by an unknown party. “Rest assured, we have taken action and will be operational again as soon as possible,” the official statement said.

The bond token price rose more than 60% within three hours of the attack. PeckShield, a blockchain security and data analytics company, to explain Price drop with 373 million tokens minted on the Ethereum blockchain. The security firm also claims that huge amounts of money are made with Ethereum, essentially through the owner’s address accusation Includes the carpet pulling service.

Bondly was founded by the former managing partner of Shuttle Capital, Brandon Smith, and was launched on Polkadot as the DeFi protocol in 2020 to “provide an ecosystem of decentralized products that enables anyone to make digital payments between colleagues,” the official reads Description.

Related: Growing Pain? Loot DeFi Mining BSC, call for reinforcements

Rapid loan, pull or tapestry attacks are not uncommon in the DeFi ecosystem. PancakeBunny, a popular decentralized financial protocol built on top of Binance Smart Chain (BSC), was the subject of a mining attack in May after a hacker acquired over $ 200 worth of crypto assets.

The BSC-based DeFi exchange BurgerSwap has also been mined by hackers with around $ 7.2 million worth of crypto assets, including burger, wrapped BNB, and tether (USDT) tokens stolen from the platform .

Another DeFi project operated by BSC, Bogged Finance, suffered a flash credit exploit that consumed $ 3 million, half of the liquidity on the platform at the time of the attack.