At the beginning of the week, hackers hacked the DeFiance Capital decentralized protocol and stole $1.7 million worth of assets. But the losses could have been much larger – the developers protected $13.3 million worth of crypto assets from theft.
Earlier it was reported that hackers gained access to the wallet of the founder of DeFiance Capital under the pseudonym “Arthur_0x”. The attackers withdrew NFT and many other tokens from his wallet. But, as it turned out, the hackers also gained access to the second wallet, which already belonged specifically to the DeFi project.
After gaining access to the wallet, the hackers were able to withdraw 200,000 “free” Lido tokens. But another 3.7 million tokens were blocked for staking on the wallet, the value of which was $13.3 million. At the same time, the tokens were used for staking in the “linear vesting” contract – the blocked assets were gradually released with each block.
The hackers gradually sold the released tokens. To prevent the loss of all Lido tokens, the developers of DeFiance Capital have made an offer to the Lido DAO community on the Aragon voting platform. After discussion, the community supported the proposal. The blocked tokens on the DeFiance Capital wallet were burned, and a similar number of tokens were released on the new wallet.
Thus, in total, the DeFiance Capital protocol lost $2.42 million in crypto assets, but the developers managed to save $13.3 million. Recall that earlier the Deus Finance platform confirmed information about the theft of 200,000 DAO and 1,101.8 ETH from the site, as well as other assets worth about $3 million
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
