Crypto Hackers Strike DeFi Liquidity Lock Project With $14,500,000 Leverage
Liquidity locking project Team Finance says crypto hackers got away with $14.5 million in digital assets.
Team finances says they temporarily suspended activity on their platform while they investigated the hack and are encouraging those responsible to contact them.
“We have just been notified of an exploit on Team Finance. We are currently unsure of the details. We encourage the exploiter to contact us for a bounty payment. We are working to analyze and correct the situation right now. More details to follow .”
Team Finance says hackers made off with $14.5 million in tokens through an exploit in Uniswap’s version 2 to version 3 migration feature, which was previously audited.
“$14.5 million worth of tokens were leveraged through the revised v2 to v3 migration feature. We have temporarily halted all activity through Team Finance until we are confident this exploit has been rectified. All funds currently on Team Finance are not at further risk of this exploitation.”
Lately Updatethe group outlines several measures they have taken in response to the hack.
“We have temporarily halted the creation of new locks on the platform. We are currently working with several established security, audit and blockchain investigation companies to assist in the remediation of this issue. We have contacted the affected project teams and are keeping them updated on the next steps . We have reached out to the exploiter in an attempt to discuss possible solutions. The exploiter’s wallet has been blacklisted on Etherscan and exchanges have been contacted.”
Team Finance is a decentralized smart contract vault for time-released earning of liquidity and project tokens. According to the group, there are nearly 69,000 projects locked with their services with a total token-locked value of $2.6 billion and $190 million in locked liquidity.
The hack is just one of a series of incidents this month. Chainalysis previously noted that hackers made off with $718 million worth of assets in October in 11 different attacks on DeFi protocols, the most in a single month so far this year.
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Featured image: Shutterstock/pedrosek
