Bitcoin Forum

Bad news!

Read about it. The hackers used a loophole in the protocol and did a massive dump in Binance.

Binance halted trading with Cover, a lot of funds are lost.

Yeah, I agree, this is really bad news for crypto enthusiast as this hack might be another black eye for Defi again. We are just about to end the year but hackers are not stopping, and I think they are perfectly selecting the time frame because they know that investors are relax in this holiday, typical criminals.

I read the tweets and there are nervous bag holders, asking what to do next, tsk.

Anyway, it says the exploit are no longer possible, so they have patch it already. But still investors lost their money already.

It is unfortunate if an event like this happens. of course because of this problem, it can affect the trust of all users. this is certainly not pleasant news

This is really a very bad news, i saw this on telegram yesterday cus am in their group, the sight isn't pleasant at all, now some questions are running through my head like didn't they have their protocol audited to help them discover this loophole before launching it to the public??
How careless can this people we call professionals and trust them with our hard earned money be??
This is really unfortunate most especially for those who have invested huge sums of money in the project, I just hope and pray they recover their losses soon.

It's caused by the hacker has found that the vulnerability in the contract and the hacker was using it to minting more and more coins.
Defi is still experimental and then that's why there are so many bugs in defi projects but in this case, is the fault of the team. This bug related to the smartcontract and it has nothing to do with defi.

It's really sad new for cover supporters, but none of us know when and how any defi projects can be exploited by hacker. So, team need to be more aware before releasing any product and recheck if there are bugs or not. But, best part of the cover hacked was the message from hacker on the returning transection.  ;D ;D Hacker leave a message:

Check it: https://twitter.com/AlexSaundersAU/status/1343556407493238785
Transection link: https://etherscan.io/tx/0xc2fd5094c1e108f83222a86bd46b35fc0da35616385d681964b22003643f982e

The question is, why DeFi? The 99% of hacks that take place in 2020 is on DeFi projects, why? Aren't decentralized projects supposed to have the strongest security firewalls or whatever that's supposed to be called? I've stopped investing on DeFi projects because of this, even if the project is high quality you will be worried about hacks again, this is nonsense

That's true. ICOs were a lot better. All you need to be careful about is not getting scammed.

And the the hackers give it back, but with a message, Lol.

https://i.imgur.com/s1JYN07.png

They are lucky, but I haven't check if the hackers really return the money in full, in any case it was a happy ending at least.

because the defi project is too focused on money ,development and listing they forgot to review the code that the hacker saw that became a hole to mint more supplies of it and sold it in the market . How can you manage others people money if you can't even manage your token codes .

It's not full I am sure they sold other from different address and giveback only 1/4 or 1/2 of it, I just don't know how they can solve it since there are many new buyers bought it for minted supply if they make snap shot then they should also recieve the same amount. It's a mistake in developer not from the buyers so they should paid them also the same amount.

This is not the first time,,, this will far from be the last time.

Decentralized finance,,, so totally centralized at some points and people do not even realize this. There is just so much Defi scams going on and people are getting ripped apart every day and still dream of the next 1000x coin, at the risk of everything they have.

Learn guys, please. No Defi.

I wonder why many people look at Defi as something incomprehensible where you can do dark things? Defi-does everything anonymously, does not require personal presence. Even your money is still in the process of sending, and they are already credited to the wallet So you should not see everything in black colors.

Noobs need to learn that DeFi and smart contracts are just computer programs. And computer programs always get hacked, so if you put your hard-earned money into an untested computer program from unknown developers, it's very likely you will lose your money. People naively think that decentralization means that all problems magically go away, but it can't be further from the truth.

Recently I bumped into this article I guess this will be a lot of good crypto experts' comments on SEC suing Ripple, what do you think? https://experty.io/sec-sued-ripple-best-comments

It seems like we will keep seeing DeFi hacks every week now, every DeFi projects that got hacked aren't qualified to be called a DeFi project, if you can't defend your users funds what makes you call yourselves DeFi ? I'd rather entrust my money with binance exchange or other that have a collateral funds for such cases, they are centralized and they always stand up for their failures, I'm not seeing DeFi projects doing the same