Sunday , November 24 2024
Home / Crypto news / DeFi Protocol Grim Finance Exploited for $30 Million Worth of FTM

DeFi Protocol Grim Finance Exploited for $30 Million Worth of FTM

Summary:
The self-described compounding yield optimizer – Grim Finance – has reported being hacked in a reentrancy exploit with the attacker swiping up to million worth of Fantom tokens. The DeFi protocol took it to Twitter on Sunday to inform its users about the hack. The team described it as an “advanced attack,” in which the perpetrator exploited the project’s vault contract through five reentrancy loops. This enabled the attacker to fake five additional deposits into a vault and ultimately took million worth of FTM, according to this address. The hacker has already sent most of the tokens to other DEXs. The team said it had temporarily suspended all of its vaults to “prevent any future funds from being placed at risk” and urged all users to withdraw their funds.

Topics:
Jordan Lyanchev considers the following as important: , , , , ,

This could be interesting, too:

Wayne Jones writes Charles Schwab to Launch Spot Crypto ETFs if Regulations Change

Wayne Jones writes Here’s When FTX Expects to Start Repaying Customers .5B

Dimitar Dzhondzhorov writes Is Cryptoqueen Ruja Ignatova Alive and Hiding in South Africa? (Report)

Wayne Jones writes Casa CEO Exposes Shocking Phishing Scam Targeting Wealthy Crypto Users

The self-described compounding yield optimizer – Grim Finance – has reported being hacked in a reentrancy exploit with the attacker swiping up to $30 million worth of Fantom tokens.

  • The DeFi protocol took it to Twitter on Sunday to inform its users about the hack. The team described it as an “advanced attack,” in which the perpetrator exploited the project’s vault contract through five reentrancy loops.
  • This enabled the attacker to fake five additional deposits into a vault and ultimately took $30 million worth of FTM, according to this address. The hacker has already sent most of the tokens to other DEXs.
  • The team said it had temporarily suspended all of its vaults to “prevent any future funds from being placed at risk” and urged all users to withdraw their funds.
  • According to data from DeFiLlama, customers have followed Grim Finance’s advice. The total value locked in the DeFi protocol was near $120 million ahead of the hack, but it’s down now to just $4 million.

You Might Also Like:

Leave a Reply

Your email address will not be published.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