Type to search

Bitcoin cryptocurrency Exchange News world economy

Hackers Withdrew $ 25 Million from DeFi-Protocol DForce. And Returned


The hacker returned all stolen funds to the Chinese DeFi project dForce. It is reported by The Block.

Yesterday, the hacker returned dForce $ 2.79 million, and today the rest was returned. Sergey Kunts, CEO of 1inch.exchange, said the hacker returned all the funds because his IP address was provided to Singapore police.

Chinese DeFi platform dForce Foundation lost over 99% of its assets as a result of a hacker attack.

DeFi - Protocol DForce

The attack was carried out through owned by the project an open protocol of the market of short-term capital Lendf.Me. According to the expert, the scammers managed to steal about $ 25 million stored in the smart contract.

“Lendf.me confirmed the attack at 08:45 Beijing time on Sunday at block 9899681”, – writes the Chinese edition Chain News with reference to the representatives of the project.

According to DeFi Pulse, on April 17, the balance on dForce wallets was $ 25.38 million, but by April 19 it had fallen to $ 10,000. Whether all the money was withdrawn by the cybercriminals, or if some of the users managed to pick up the money, is unknown.

Recall that dForce was in 7th place by capitalization among the largest DeFi-projects. Against the background of the attack, the startup left the leaderboard.DeFi Pulse,

Commenting on the incident, CEO Mindao Yang emphasized that now all the efforts of the company’s employees are devoted to investigating the essence of the problem. On the dForce channel on Telegram, Mindao requested that no assets be sent to Lendf.Me.

Double attack

On April 18, Tokenlon DEX developers also reported an attack on the imBTC pool of the Uniswap protocol, the losses from which amounted to about $ 300,000. «Hacker used attack vector against ERC777 tokens on Uniswap. BTC Storage Not Affected», – they said.

Tokenlon DEX developers

The ERC777 format allows you to repeatedly access the smart contract to withdraw funds located in it, which simplifies the task of the hacker. According to Tokenlon, this algorithm was used in both attacks.

A similar method was used during the break-in on The DAO in 2016. Then hackers appropriated about $ 60 million in ETH. The DAO is a crowdfunding platform based on smart contracts and Ethereum technology.

The DAO hacker attack

Read about the secure platform here

Join Bitxmi Exchange

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Leave a Comment

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By : XYZScripts.com