Bondly Finance is the latest DeFi project to be hacked, the BONDLY token price drops 74% in a few hours

Decentralized Finance (DeFi) platform Bondly Finance is the next name to be attacked by hackers. However, the team’s information is rather vague, it is not possible to estimate the total damage of this intrusion.

Bondly Finance reduced 65% after attack

Bondly is an interactive, fully transparent swap protocol designed to revolutionize traditional escrow methods. The DeFi-enabled e-commerce portal BProtect is a product that is dedicated to the integration into popular online marketplaces through token zoning.

Bondly is based on Polkadot, which aims to improve the DeFi space by offering a P2P exchange called BondSwap, the BondDex payments platform, and the decentralized escrow service BondProtect.

The team behind Bondly Finance informed users on Twitter as follows:

“Unfortunately we were attacked by an unknown being. We recommend STOP TRADE Bondly. Don’t worry and rest assured, we have taken protective measures in time and will be back to normal as soon as possible. “

????Attention Bondly Community:

Unfortunately we were compromised by an unknown party

We would like to take this time to advise you to stop trading $ BONDLY

Rest assured that we have already taken action and will be working as usual as soon as possible

Stay tuned for more updates

– Bondly (@BondlyFinance) July 15, 2021

Aside from the above notice, the team did not update any information or mention the extent of the damage. However, about an hour before the warning, DeFi Prime released details of the address involved in the attack.

Data analytics firm Peckshield also released vague information about the attack, claiming that 373 million BONDLYs were sent to the Ethereum network, causing the token price to drop rapidly. The token was estimated to be worth $ 22 million before the price began to fall.

At press time, the token price is down more than 74% and is trading at $ 0.01483. Before the attack, BONDLY hit an intraday high of $ 0.063.

Current Bondly price after hacking project information | Source: CoinMarketCap

Bondly’s current official Telegram channel also only posts repeated posts on Twitter to make the announcement. The extent of the damage is not yet known, but shortly the project will also provide information on the progress of the attack and the compensation plan for those affected.

This year seems like a bad year for DeFi platforms as they are under constant attack, mostly from flash loans. In late June, Binance Smart Chain’s Impossible Finance protocol lost $ 500,000, while PancakeBunny also lost $ 200 million to attackers in May.

Veronica

According to the AZCoin News

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