25 millions in bitcoins and Ethereum lost in hack over the weekend.

[Juggy777]

Lending protocol Lendf.me saw some $25 million in ether (ETH) and bitcoin (BTC) exit its wallets late Saturday and early Sunday after its money market pool was attacked. Lendf is one of two protocols supported by the dForce Foundation.

This is really sad news as hacking in these times is the last thing they needed, and I don’t think they’ll ever recover their lost funds and now I’m just hoping that they find a way to survive in these testing times. Further it’s been claimed that this hack was possible due to a bug that they failed to fix, and it’s really sad that they didn’t take better precautions to protect their funds.

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.

Sources:

https://www.coindesk.com/attacker-drains-decentralized-protocol-dforce-of-25m-in-weekend-attack


https://u.today/dforce-defi-protocol-hacked-25m-in-bitcoin-btc-and-ethereum-eth-stolen

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[Apocollapse]

Oh man... Really

This is the one reasons why people afraid to invest in cryptocurrency and other country ban cryptocurrency.

With this news, probably make bitcoin and ethereum price drop a bit. Hope they find the solution for recocer their stolen funds.

[bgaf]

This is really sad news as hacking in these times is the last thing they needed, and I don’t think they’ll ever recover their lost funds and now I’m just hoping that they find a way to survive in these testing times. Further it’s been claimed that this hack was possible due to a bug that they failed to fix, and it’s really sad that they didn’t take better precautions to protect their funds.

This is really unfortunate. Systems has been breached and suddenly 25million$ funds was gone instantly.

This is bad means Imbtc version of erc20 btc is not that safe. Most victim these days are all decentralized, dApps, and defi projects. Companies should really pay attention to these kind of attacks or else people will lose interest on investing on cryptocurrency projects. The hackers might probably dumped it as the market go down hard today.

[Leonardo7]

 I’m just hoping that they find a way to survive in these testing times. Further it’s been claimed that this hack was possible due to a bug that they failed to fix, and it’s really sad that they didn’t take better precautions to protect their funds.
Too Many Red Flags

This is sad in this era of global financia crisis. If it's true they were aware of a bug and they delay fixing it, then this will question their intergrity and define their users loyalty in the future. In any cryptocurrency exchange or wallet security comes first before another thing, only companies who heavily invest in security will survive against these infamous hackers.

[bitmover]

Their website is offline now...

I remember few years ago when Vitalik decided to fork his blockchain to roll back the transactions from DAO hack.

Imo, that was the end of ethereum... It became Vitalik's blockchain .

[Fundamentals Of]

This is terrible. This would be another blow to the overall crypto reputation, its security in particular. For a relatively short period of time when certain amount of wealth is pouring into cryptocurrency, billions are lost to technological thieves. Which probably hits the ordinary people the hardest and how they would perceive crypto from now on.

Many ordinary people attracted into cryptocurrency like me cannot really tell which ones are considered red flag, flaw, lapse, bugs, etc. We are relying on what is presented to us. Most of us cannot get into and properly assess the tiny security details of protocols and wallets and whatnot.

[cryptomaniac_xxx]

As I have said here: [Hack]: Lendf.Me lost $25 million

They never learned, that vulnerability was exposed months ago with ERC777 here:

https://github.com/ConsenSys/Uniswap-audit-report-2018-12#31-liquidity-pool-can-be-stolen-in-some-tokens-eg-erc-777-29

And it just shows how dangerous Defi can be for crypto community.

[dothebeats]

I remember few years ago when Vitalik decided to fork his blockchain to roll back the transactions from DAO hack.

Imo, that was the end of ethereum... It became Vitalik's blockchain .

It really was, for me, the end of ETH knowing how the lead developer himself can force such rollback in a supposedly-safe ecosystem from such authoritative powers. However in this one instance, I don't think Buterin would have to do something, or at least express his views about what happened seeing the flak he and his team received when they did the rollback years ago. Besides, this particular hack is not in any way relatively close to the DAO one in 2016, and is mainly attributed to bad code as was stated by multiple developers months prior to the hack.

You know shit is about to go down when the same people don't listen to experts' advice on a particular matter that could potentially lead to a possible destruction of one certain part of the system. $25M is a huge sum, and I don't think anyone is going to be happy receiving the news--especially the investors.

[BrewMaster]

well the good news is that when the business that is hacked is very little known you can be sure that it has no effects on anything regarding the market. we saw the biggest altcoin exchange (binance) be hacked and that didn't affect the bitcoin price one bit.
in any case i am always skeptical about these hack stories anyways. many of these stories are actually the failed business trying to make some money with little effort and there is nobody to look into them either.

[Harkorede]

I remember few years ago when Vitalik decided to fork his blockchain to roll back the transactions from DAO hack.

Imo, that was the end of ethereum... It became Vitalik's blockchain .

I had the same impression of what would have become of Bitcoin after the $40 Million Binance hack last year, with Zhao considering a re-org approach.

However, I wasn't sure if he had the capabilities or could have garnered the needed support if he wanted to go ahead with such a ridiculous scheme.

[avikz]

Such incidents of hacking is really unfortunate. However, you also have to understand why we are seeing a number of hacking incidents in crypto market over the period of last few years. Probably few billions of dollars have already gone down to drain due to such hacking incidents.

It's a anonymity factor associated with cryptocurrencies. While the community loves their anonymity and their control over their own funds, the same parameter is taken up by the hackers in order to fulfill their illegal need for greed. Because it is literally impossible to find the owner of a cryptocurrency address - hackers are taking up this opportunity to siphon out the money from the legitimate source or businesses. If we have KYC implemented across the width and breadth of the industry, hacker will have a hard time to convert the stolen currencies! Just my two satoshis!

[Ifra24]

This is really sad news as hacking in these times is the last thing they needed, and I don’t think they’ll ever recover their lost funds and now I’m just hoping that they find a way to survive in these testing times. Further it’s been claimed that this hack was possible due to a bug that they failed to fix, and it’s really sad that they didn’t take better precautions to protect their funds.

This is bad news. Trust in DeFi Prime will be broken. Security class deFi can be hacked. We need to learn from here so that our assets are safe. Crypto blokchain has a risk, more secure if stored in the cloud, trezor wallet ofline.

[bitmover]

I remember few years ago when Vitalik decided to fork his blockchain to roll back the transactions from DAO hack.

Imo, that was the end of ethereum... It became Vitalik's blockchain .

I had the same impression of what would have become of Bitcoin after the $40 Million Binance hack last year, with Zhao considering a re-org approach.

This will not happen to bitcoin.
Even if someone actually decide to fork Bitcoin Chain in am attempt to reverse a hack, the community would still stay in the bitcoin fork without the reversal.

As we can in previously forks, such as bch, bitcoin community remained strong and United.

[boyptc]

This is bad news. Trust in DeFi Prime will be broken. Security class deFi can be hacked. We need to learn from here so that our assets are safe. Crypto blokchain has a risk, more secure if stored in the cloud, trezor wallet ofline.

It's just starting to gain traction and something happened like this.

Truly, people who use DeFi will start to lose confidence using it and trust too.

[lahiruu]

This is really sad news as hacking in these times is the last thing they needed, and I don’t think they’ll ever recover their lost funds and now I’m just hoping that they find a way to survive in these testing times. Further it’s been claimed that this hack was possible due to a bug that they failed to fix, and it’s really sad that they didn’t take better precautions to protect their funds.

This is bad news. Trust in DeFi Prime will be broken. Security class deFi can be hacked. We need to learn from here so that our assets are safe. Crypto blokchain has a risk, more secure if stored in the cloud, trezor wallet ofline.

I feel like DeFi was on such a roll before this, the last flash loans attack was much smaller and the impact wasn't so bad.

[hugeblack]

It is not a hack but rather failed to fix a vulnerability (bug) that enabled the hacker to get access to the coin. The question is, why is this failure to fix it^[1]?
As far as the news is bad, it is good, as everyone must stop blindly trusting these platforms and make sure for themselves whether they deserve approval or it is better to withdraw their money as soon as possible.

[1] https://github.com/ConsenSys/Uniswap-audit-report-2018-12#31-liquidity-pool-can-be-stolen-in-some-tokens-eg-erc-777-29

[kotajikikox]

This is really sad news as hacking in these times is the last thing they needed, and I don’t think they’ll ever recover their lost funds and now I’m just hoping that they find a way to survive in these testing times. Further it’s been claimed that this hack was possible due to a bug that they failed to fix, and it’s really sad that they didn’t take better precautions to protect their funds.

We Know how hackers do mate and times like this is their Best opportunity to Victimize because most of the world now are vulnerable and easily to be taken over.
But this is really bad because when all of the world needs help these damn People are taking advantage of the situation.

Happy that it seems no effect in the market because we are still staying strong in this Level.

[rhomelmabini]

I think the hackers are returning part the funds but only 10% of it. I've just gotten this news on my email https://www.thecryptoassociate.com/dforce-hackers-begin-returning-stolen-funds/. It's stressed there that those funds are blacklisted on exchanges and they can't launder hence those are totally worthless now.

[bakasabo]

I remember few years ago when Vitalik decided to fork his blockchain to roll back the transactions from DAO hack.

Imo, that was the end of ethereum... It became Vitalik's blockchain .

Can you send me a link about that. I didnt know that such big blockchains can just rollback because of some unsuitable situation. What was the amount hacked/stolen during dao hack?

Many know such blockchain as Minter (it had bounty campaign here in 2019). Minter owner was scammed for the amount of $70k and made a rollback. Just imagine $70k and already a rollback. But comparing Minter and Ethereum is like ant and elephant.

[Chrystora123]

in any case i am always skeptical about these hack stories anyways. many of these stories are actually the failed business trying to make some money with little effort and there is nobody to look into them either.

yap, This is a Hack against the security of businesses or companies engaged in cryptocurrencies (such as exchanges and so on).. Hacked platform users must learn from this error, they must be smarter in choosing a platform where they are saving assets or exchange..

It is not a hack but rather failed to fix a vulnerability (bug) that enabled the hacker to get access to the coin.

100% right..