Crypto Hackers Strike DeFi Liquidity Locking Project With $14,500,000 Exploit

Crypto Hackers Strike DeFi Liquidity Locking Project With $14,500,000 Exploit

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The liquidity locking project Team Finance says crypto hackers made off with $14.5 million in digital asset tokens.

Team Finance says they temporarily paused activity on their platform while investigating the hack and are urging those responsible to contact them.

“We have just been alerted of an exploit on Team Finance. We are currently unsure of the details. We urge the exploiter to get in contact with us for a bounty payment. We are working to analyze and remedy the situation at this very moment. More details to follow.”

Team Finance says hackers made off with $14.5 million of tokens through an exploit in its Uniswap version 2 to version 3 migration function, which was previously audited.

“$14.5 million of tokens were exploited through the audited v2 to v3 migration function. We have temporarily paused all activity through team finance until we are certain this exploit has been remedied. All funds currently on Team Finance are not at further risk of this exploit.”

In the latest update, the group outlines several measures they have taken in response to the hack.

“We have temporarily paused new lock creation on the platform. We are currently working with several established security, audit, and blockchain investigation companies to assist with the remediation of this issue. We contacted the affected project teams and are keeping them updated regarding the next steps. We have reached out to the exploiter in an effort to discuss possible resolutions. The exploiter’s wallet has been blacklisted on Etherscan, and exchanges have been contacted.”

Team Finance is a decentralized smart contract vault for the time-released vesting 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 only one of a flurry of incidents this month. Chainalysis previously noted that hackers made off in October with $718 million worth of assets in 11 different attacks of DeFi protocols, the most in a single month so far this year.

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Featured Image: Shutterstock/pedrosek

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