Grim Finance suffers an advanced attack, estimated at $ 30 million damage

It’s not just happy investors who get rich with cryptocurrencies.

Hackers made billions of dollars in virtual assets over the past year by breaking into multiple exchanges. This is just the tip of the iceberg.

Another $ 30 million lost

Grim Finance, a smart profit optimization platform built on top of Fantom Opera, is currently the focus of attention as it has become the latest victim of a mining attack with an estimated loss of over $ 30 million. The team confirmed this in a series of tweets.

https://twitter.com/financegrim/status/1472357770846519312?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
This is an advanced attack. “Hackers attacked with a function called beforeDeposit () from our vault strategy when they entered into a contract with malicious tokens,” the team added.

Next Step

All safes have been paused to prevent further attacks. But the exploit was found in the vault contract. This puts all safes and depots at risk. To alert attackers and bookmarks:

“The team contacted Circle, DAI and AnySwap and informed them of the attacker’s address in order to freeze further transfers.”

However, many projects such as Beefy, Tomb, SpiritSwap and FTM Alerts have expressed their willingness to support victims and provide the latest information on the situation.

Support or not, the damage is done. Grim Finance (& GRIM tokens) is down 74.09% in the past 24 hours.

Source: CoinMarketCap

At press time, the token is trading at $ 0.23 after the crash. Time will tell whether it can recover from this blow. First, however, the team must restore or compensate the affected users.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page