Advertisement
AD

Main navigation

dForce DeFi Protocol Hacked, $25M in Bitcoin (BTC) and Ethereum (ETH) Stolen

Advertisement
Sun, 19/04/2020 - 16:08
dForce DeFi Protocol Hacked, $25M in Bitcoin (BTC) and Ethereum (ETH) Stolen
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents
Advertisement

A few hours ago, the DeFi Prime explorer reported unusual activity on the dForce multi-purpose protocol. It soon became apparent that the protocol's funds were drained 100%.

New Hack, Same Tools

According to DeFi Prime, decentralized ecosystem dForce, which offered a 'stablecoin protocol, liquidity protocol, lending protocol' lost all of its funds. The total amount exceeded approximately $25M in the USD.

Major DeFi explorers revealed the overall picture of this tragedy. As demonstrated by DeFi Pulse, hackers accessed the enormous sums of Bitcoin (BTC), Ethereum (ETH) and U.S. Dollar Tether (USDT).

dForce drained for $25M
Image by DeFi Pulse

Initial investigations carried out by several DeFi and Ethereum (ETH) experts show that this hack may have been caused by a vulnerability of imBTC-ETH interaction, which is required for lending protocols. imBTC is one of the Bitcoin-pegged assets designed in accordance with the ERC-777 standard. This bug made for a number of DeFi attacks possible, including a recent Uniswap hack.

Too Many Red Flags

dForce has already been accused in plagiarizing code for one of the industry-level protocols, Compound. This fact is among the 'red flags' of today's victim Kain Warwick, Synthetix's Founder.

It is worth noting that the price of Ethereum (ETH) reached its post-Black Thursday high at $183 on spot exchanges. So, this may even increase the loot for hackers that have already started transferred funds - $6M has already been discovered in the Aave protocol.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
Our social media
There's a lot to see there, too

Popular articles