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Lordhermes
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May 20, 2021, 12:06:53 PM
 #81

You can't build a project today without proper/thorough testing before allowing the public to invest what they likely can't afford to risk/lose.
The problem is not really about the testing before going public, but how strong your developers are, a good development teams and site management is a very important factor to consider before embarking on a crypto journey, this should be taken care of thoroughly to avoid hacks and theft on their platform.

Weekly routine check or as the case may be is a good thing to constantly do on a regular to detect any technical fault by following the respective Standard Operating Procedure (SOP).

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May 20, 2021, 08:44:41 PM
 #82

It seems they encourage people to take big risk on the so called DeFi(Decentralized Finance). You can't build a project today without proper/thorough testing before allowing the public to invest what they likely can't afford to risk/lose.
I have previously suggested opening up the DeFi platform to the public so anyone can help review projects based on list of Rules/Standards/Principles that have to be followed before a project is allowed for serious usage. Hope they don't prefer the platform to be takeover and regulated by central authorities.
Bitcoin didn't start with founders requesting people to invest huge amount of money or stake to be part of the network, help secure and keep it decentralized ... it instead paid participants... so that they risk less during its early stage and people probably began to put in money above sensible limits over time as security improves
Explore this report
Hackers Stole $3.8 Billion in Cryptocurrency Hacks in 2020
https://decrypt.co/54128/hackers-stole-3-8-billion-in-cryptocurrency-hacks-in-2020
"Crypto wallets had 27 attacks and were the most lucrative target for the hackers, with $3.03 billion in losses."

__
With the market correcting, the volume of liquidations in Venus' Binance Smart Chain (BSC) -based Venus DeFi Landing Protocol reached $ 200 million.
https://forklog.com/v-protokole-venus-na-baze-binance-smart-chain-proizoshli-likvidatsii-na-200/

Venus Incident Report — XVS Liquidations
https://blog.venus.io/venus-incident-report-xvs-liquidations-451be68bb08f

https://twitter.com/FrankResearcher/status/1394900186435096578?

"Today we have witnessed the manipulation of XVS price —  the governance token of Venus Protocol on BSC.

This incident resulted in $200M+ DeFi liquidations and a $100M+ of protocol bad debt.

As usual, let’s analyze this situation below👇"

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May 20, 2021, 08:47:08 PM
 #83

you will really know how DeFi projects can scam participants.
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May 20, 2021, 10:20:03 PM
 #84

Since DeFi was booming last year, there have been a lot of DeFi cases being hacked. Why have so many DeFi projects been hacked? is it because of a weak security system? or clever hackers who attacked the DeFi project?

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May 21, 2021, 04:52:15 AM
 #85

What about new project called HAPI? they want to solve this problem. I think currently only HAPI that have purpose to solve it. We should support this project to minimize the risk of crypto investment.

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May 26, 2021, 04:45:57 PM
Last edit: January 30, 2022, 07:00:45 AM by mprep
 #86

Analysts found serious bugs in the DeFi project SafeMoon
https://whattonews.ru/analitiki-nashli-sereznye-bagi-u-defi-proekta-safemoon/

"During the audit, HashEx specialists identified 12 vulnerabilities in the smart contracts of the DeFi project SafeMoon. The bugs found allow the withdrawal of assets worth $ 20 million and block transactions, analysts said."

https://twitter.com/stoolpresidente/status/1394379356487757834?
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https://twitter.com/TheCryptoLark/status/1384664238371704832?

Lark Davis
"Bitconnect was for a brief moment a top 10 #crypto, the people making money did not want to accept it was a ponzi, they made every excuse to justify it, and attacked anyone who stated the obvious.

Then it rug pulled and everyone lost big time.

#safemoon is no different."




The BNT - ETH pool of the Wild Credit protocol was devastated by an economic exploit.

$ 637K was withdrawn from the pool, but with the help of specialists from the analytical services vfat.tools and Nansen.ai, the funds were returned to the protocol.

https://twitter.com/WildCredit/status/1397848487593603072

All funds were returned to the protocol:
https://etherscan.io/tx/0xb4fffa0e824034a10af2807f1504ac247ae1dd6f2bcfed8085989bbfda434542

https://t.me/Defiscamcheck/1852

https://bitcointalk.org/index.php?topic=5227888.msg57100531#msg57100531





DeFi project BurgerSwap - $ 7.2M

https://twitter.com/burger_swap/status/1398088748563369988?

"BurgerSwap just experienced Flash Loan attack.

We have suspended Swap and BURGER generation to avoid further loss.

Our tech team is working on the issue and will publish the solution later.

More details will be published soon. Thanks for your patience."

https://twitter.com/burger_swap/status/1398163112335863811?

"What was stolen:
- 4.4k WBNB ($1.6M)
- 22k BUSD ($22k)
- 2.5 ETH ($6.8k)
- 1.4M USDT ($1.4M)
- 432k BURGER ($3.2M)
 -142k xBURGER ($1M)
- 95k ROCKS"



Belt Finance-  $6,2M

https://twitter.com/FrankResearcher/status/1398772580602060804?
"New weekend - a new attack on BSC DeFi protocol.

Today $6.2M in BUSD was stolen from Belt Finance in 8 transactions.

Below is what happened"

[moderator's note: consecutive posts merged]

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May 30, 2021, 03:06:17 PM
 #87

Safemoon is not the first coin to use the word safe and trust and whatever, they're all the same. They have some kind of audit for smart contract but I still feel 99% of devs in defi aren't as smart as the hackers OR are a group of people themselves all behind the scenes of these rug pulls. The law will catch up one day hopefully.

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May 30, 2021, 04:26:06 PM
 #88

Come to think of it, defi projects are the sweetest spot for scamming and hacking because there is no way the law will hunt this project down, I believe not a this hacks are real hack, since no one can complain if anything goes wrong even the team can hack themselves, who knows? 🤦

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May 31, 2021, 04:32:56 AM
 #89

It seems they encourage people to take big risk on the so called DeFi(Decentralized Finance). You can't build a project today without proper/thorough testing before allowing the public to invest what they likely can't afford to risk/lose.
I have previously suggested opening up the DeFi platform to the public so anyone can help review projects based on list of Rules/Standards/Principles that have to be followed before a project is allowed for serious usage. Hope they don't prefer the platform to be takeover and regulated by central authorities.
Bitcoin didn't start with founders requesting people to invest huge amount of money or stake to be part of the network, help secure and keep it decentralized ... it instead paid participants... so that they risk less during its early stage and people probably began to put in money above sensible limits over time as security improves
Explore this report
Hackers Stole $3.8 Billion in Cryptocurrency Hacks in 2020
https://decrypt.co/54128/hackers-stole-3-8-billion-in-cryptocurrency-hacks-in-2020
"Crypto wallets had 27 attacks and were the most lucrative target for the hackers, with $3.03 billion in losses."

__
With the market correcting, the volume of liquidations in Venus' Binance Smart Chain (BSC) -based Venus DeFi Landing Protocol reached $ 200 million.
https://forklog.com/v-protokole-venus-na-baze-binance-smart-chain-proizoshli-likvidatsii-na-200/

Venus Incident Report — XVS Liquidations
https://blog.venus.io/venus-incident-report-xvs-liquidations-451be68bb08f

https://twitter.com/FrankResearcher/status/1394900186435096578?

"Today we have witnessed the manipulation of XVS price —  the governance token of Venus Protocol on BSC.

This incident resulted in $200M+ DeFi liquidations and a $100M+ of protocol bad debt.

As usual, let’s analyze this situation below👇"

It also appears that the manipulation on Venus and the flash loan attack was an inside job according to this article.



In this article below I will provide evidence from the blockchain that the Venus/Swipe team are directly linked to the Cannon Ignition Sale incident and the blockchain wallet responsible for causing the recent XVS account liquidations.

Source https://medium.com/@venus.insider/venus-io-disclosure-an-inside-job-f8ef195fe78d



Also, all of the other attacks are targetted towards Binance smart chain only. The skeptical me thinks that someone might be playing dirty. Solana to top 3 in coinmarketcap.com might prove this hehehehe.

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May 31, 2021, 07:44:14 AM
 #90

Also, all of the other attacks are targetted towards Binance smart chain only. The skeptical me thinks that someone might be playing dirty. Solana to top 3 in coinmarketcap.com might prove this hehehehe.

I really hope someone goes and collects all this evidence and then tries to pin down these guys. My personal belief is that they aren't hackers but all are inside job developers with malicious intent, possibly installing loopholes made known the attackers. And then rugpulling at will. Binance Smart Chain only makes me think this for sure. Crime pays in crypto because enforcement doesn't come and catch them.

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June 01, 2021, 05:32:44 AM
 #91

@slaman29. All 8 flashloan attacks? I disagree. These are not rugpulls. It appears to be a well organized group exploiting weaknesses in copy/paste projects deployed in Binance smartchain.

Also, I was wrong in my assumption that Binance smartchain would be the Ethereum killer hehe. However, Solana might be the Binance smartchain killer hehehehe.

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June 01, 2021, 08:54:24 AM
 #92

@slaman29. All 8 flashloan attacks? I disagree. These are not rugpulls. It appears to be a well organized group exploiting weaknesses in copy/paste projects deployed in Binance smartchain.

Also, I was wrong in my assumption that Binance smartchain would be the Ethereum killer hehe. However, Solana might be the Binance smartchain killer hehehehe.

Ah sorry, I always assumed all kinds of attacks are called rug pulls in Defi. Just read it up now and rugpulls are when the project owners take out all the liquidty from the pool so yes, different mode of attack but in my book, still the same scummy people and like you said, probably all the same groups of people in the end.

Solana BSC killer? SOL starter looks almost sold out:)

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June 17, 2021, 08:54:36 AM
 #93

Iron Finance announced on Twitter, addressing users about the need to withdraw all liquidity from all pools, the details promise to report later, apparently the Poligon network was subjected to a ddos attack, as a result of which the price of the Titan token fell from $60 to 0. https://twitter.com/IronFinance/status/1405320650202419202




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June 18, 2021, 05:39:41 AM
 #94

@Daltonik. I am skeptical that ddos was the cause. How can a ddos attack cause a token to pump to $60 then dump to $0? I reckon that it might be some mechanism in these dollar pegged stablecoins that when whales dump IRON, it also triggers to mint TITAN and removes liquidity to keep the peg of IRON to $1.00.

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June 19, 2021, 08:52:02 AM
 #95

@Daltonik. I am skeptical that ddos was the cause. How can a ddos attack cause a token to pump to $60 then dump to $0? I reckon that it might be some mechanism in these dollar pegged stablecoins that when whales dump IRON, it also triggers to mint TITAN and removes liquidity to keep the peg of IRON to $1.00.

Yes, you are right, of course, everything can happen here, while there is no data on this case, what it was specifically, I think after some time there will be an analysis, it also happens that initially smart contracts of projects involve fraud schemes, such as the recent case with Beetsfarm Finance.  https://twitter.com/RugDocIO/status/1405673057381978113

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June 21, 2021, 02:56:23 PM
 #96

Impossible finance-  $500 000

https://decrypt.co/74105/binance-smart-chain-defi-project-impossible-finance-hacked
Binance Smart Chain DeFi Project Impossible Finance Hacked
Yet another DeFi project on the Binance Smart Chain has been exploited. This time, attackers nabbed $500,000 from Impossible Finance in a flash loan attack.

https://twitter.com/Mudit__Gupta/status/1406878176509194246?
Impossible finance got exploited today for $500k.

Impossible Finance exploit root cause analysis
https://watchpug.medium.com/impossible-finance-exploit-root-cause-analysis-ba0ed7c151e4

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June 21, 2021, 06:46:19 PM
 #97

~

Why Defi hack is so easy to do compared to others. I think there is something wrong with the Defi platform security system. We need to be careful with new and untested platforms. Hackers are always trying to attack new platforms, and they often succeed. As happened in BSC recently.
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June 28, 2021, 09:12:46 PM
Last edit: January 30, 2022, 07:01:05 AM by mprep
 #98

~

Why Defi hack is so easy to do compared to others. I think there is something wrong with the Defi platform security system. We need to be careful with new and untested platforms. Hackers are always trying to attack new platforms, and they often succeed. As happened in BSC recently.
https://decrypt.co/54128/hackers-stole-3-8-billion-in-cryptocurrency-hacks-in-2020
Hackers Stole $3.8 Billion in Cryptocurrency Hacks in 2020
Check out the statistics. Hackers hack anything they can hack: exchanges, wallets, projects. Defi projects are not on the 1st place in this list.
You need to be careful everywhere

___

Safe Dollar - $250 000

https://t.me/safedollarannouncements/42
SafeDollar has been under attack. We have paused activities on SafeDollar and investigating the matter.

https://twitter.com/RugDocIO/status/1409365551630090243?

SafeDollar may have been exploited for $250k in USDC and USDT‼️
Here is the exploiting contract :
https://polygonscan.com/address/0xc44e71debf89d414a262edadc44797eba093c6b0#tokentxns




ChainSwap-  - $8M

https://cryptobriefing.com/8-million-lost-major-chainswap-exploit/

$8 Million Lost in Major ChainSwap Exploit
Chris Williams(C)

"Several tokens have plummeted after ChainSwap suffered its second exploit in eight days. The losses amount to roughly $8 million.

Key Takeaways
ChainSwap suffered an exploit last night, resulting in $8 million worth of losses.
The attacker sold several tokens available on the protocol through decentralized exchanges, meaning they tanked in value.
ChainSwap has paused its Ethereum to Binance Smart Chain bridge and pledged to airdrop new ASAP tokens to holders."

[moderator's note: consecutive posts merged]

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July 16, 2021, 07:27:13 AM
Last edit: July 16, 2021, 08:38:48 AM by Daltonik
Merited by zasad@ (1)
 #99

THORChain lost, according to preliminary estimates 4,000 ETH about $8 million as a result of a hacker attack. Originally reported loss of 13,000 ETH. https://www.runebase.org/news/thorchain-suffers-exploit

They promise to inform the affected users about the details and compensation in the near future. https://twitter.com/THORChain/status/1415813696857591813

UPD: Official update from the THORChain team in the telegram channel https://t.me/thorchain_org

MCCN Exploit Update

Loss:
Approx ~$4.9mm USD was taken in the exploit, far less than the intitial figures posted earlier. A granular breakdown is being developed by the community.

Method:
ETH Bifrost was tricked using a custom wrapper to read a deposit amount of 200 when it was actually zero. More details will be provided in the upcoming post mortem blog.

Discovery:
The issue was discovered by a community dev and anonymous nodes voluntarily used make halt command to stop their nodes. Once more than 1/3rd nodes had been halted, the network itself was halted. This was a decentralized action taken by node operators to protect the network.

Recovery:
1. Release the patch & restart the network > block pending outbounds > restore solvency.
2. Donate funds back to the ETH pool to restore lost funds to LPs
3. Release auto-solvency checker as a future preventative measure
4. Continue working with security firms to audit.

This is a disappointing moment for all, but LPs and Nodes should be unaffected after all is recovered (the funds will be restored). The network will be stronger and more resilient.

The THORChain community appreciate the inflow of support. More info to come in due course.

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July 16, 2021, 01:07:14 PM
 #100

Bondly Finance Suffers Latest DeFi Attack, Token Price Tanks
https://beincrypto.com/bondly-finance-suffers-latest-defi-attack/
“Unfortunately we have been compromised by an unknown party. We would like to take this time to advise you to STOP TRADING BONDLY. Rest assure we have already taken action and will be operating as usual ASAP,”

Around an hour or so before the warning, DeFi Prime posted details of the address involved in the reported exploit.

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