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DeFi financing project was exploited and $ 11 million stolen

 

Since the advent of DeFi, the pace of exploitation, fraud and theft in this emerging field has not slowed down.


A few hours ago, the “Value DeFi” decentralized financing project, working on Blockchain Finance (BSC), suffered an attack worth $ 11 million.


Hackers exploited a loophole in the base protocol code base.

The “Value” project lost a total of $ 17 million in two separate incidents:

Igamberdiev noted on Twitter that nine liquidity pools from the “Value DeFi” project were attacked today, May 8, 2021.

 Hackers stole funds in the form of nine different cryptocurrencies, including 15,000 Binance Coins (BNB) and 68,300 Binance Stable Currency BUSD.


All funds were instantly exchanged for several Ethereum-based digital currencies.


Igamberdiev identified the source of the error in the database, which prevents the swap action from behaving in the correct way under certain circumstances as the "root cause" of this attack.


Consequently, the liquid pools become crowded due to imbalance between the amounts of first and second assets in the pool pairs.

Exploiting decentralized financing projects:

Three days ago, this "Value DeFi" project lost $ 6 million in an earlier attack.

The vandals reconfigured the bounty-sharing pool and took full control of its funds.

After that, they sold all the stolen LP coins for 8,790.77 BNB on the 1Inch platform.

The "Value DeFi" project team set up a compensation program, but many users noticed that the woman promising compensation was not on the project team, and discovered that this woman is in fact a Chinese freelance actress.

According to her profile on “Fiverr,” this lady offers the ability to professionally read texts in English and Chinese for $ 50 to $ 60.

Her name is "Chan", and she now lives in Croatia.

 Consequently, the reputation of the “Value Defi” project has been damaged by repeated attacks, and the project as a whole may be a plague and fraud due to the emergence of recent indications.

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