Value Defi Project hacked | $11 Million dollars lost

[Ultegra134]

The project Defi Value on the Binance Smart Chain was hacked, earlier this week The target of the attack was the automated market maker vSwap. Approximately 11 million dollars were lost due to the exploit.

In total, 15,000 BNB, 2,700 FARMs, 1,700 BASv2, 8.5 million BDO, 68,300 BUSD, 41,000 MDG, 945,000 vBOND, 1.2 million BAC and 11,000 FIRO were stolen. The hackers exchanged the stolen assets for 3,240 ETH to withdraw them to the Ethereum blockchain.

Another result of the attack, was the total loss in value of the vBSWAP token, dropping from $1.700 to $150 within a few days.

I also had $1k deposited on the BUSD vault, fortunately I had withdrawn a day before the exploit happened, not sure if it was one of the vaults that funds were stolen from.

https://www.coingecko.com/en/coins/vbswap

[cryptomaniac_xxx]

Another lesson to all of us again, $11 million is not that huge, but still these cyber criminals are getting free money in crypto space by attacking this vulnerabilities. Again, as I have said in the past, they are one step of the game. And for the devs, they really need to check their code as there are a lot of exploits that hackers are looking.

You can read a post mortem and analysis here: https://slowmist.medium.com/slowmist-value-defi-vswap-module-hack-analysis-64e8909ef6a2

[int03h]

I have read about the news via twitter. The full content of the attack is shown in full in the link below.
Link: https://twitter.com/FrankResearcher/status/1390905494844313602

New DEFI projects bring too many risks, especially new projects on BSC. Developers have too many advantages when it comes to the latter and there is many different projects' source code to copy. Low transaction costs and high profits are the points attracting people to participate in these projects. It is best to participate in audited projects, at least we will feel more secure.

[Ultegra134]

Another lesson to all of us again, $11 million is not that huge, but still these cyber criminals are getting free money in crypto space by attacking this vulnerabilities. Again, as I have said in the past, they are one step of the game. And for the devs, they really need to check their code as there are a lot of exploits that hackers are looking.

You can read a post mortem and analysis here: https://slowmist.medium.com/slowmist-value-defi-vswap-module-hack-analysis-64e8909ef6a2

I'm sure there have been worse exploits than this one, 11 million dollars isn't a huge amount, if you compare it with other hacks that have occurred. However, it would still suck if you had a few thousand dollars deposited there.

[Tomtomwole]

 i wonder if hacking can happen like this, why not employ the best hands to tighten your security from people like them. there must have been a loophole that they used. much care needs to be taken as this hacking is now becoming rampants.

[mrdeposit]

That is sad. I hope responsible person will be able to compensate the investors' losses.

i wonder if hacking can happen like this, why not employ the best hands to tighten your security from people like them. there must have been a loophole that they used. much care needs to be taken as this hacking is now becoming rampants.

No matter how good developer is, there is always someone who can beat him out. Also, most of the recent hacking incidents have been caused by the users themselves.

[Review Master]

Lots of exploits are done in the past few weeks, moreover it seems to be an insider job as it's exploited for the second time. BTW, team don't look like a good one as one person already point out out that co-founder of value defi is a paid actress who just hired to be acted like a spokesperson for this project. It's better for all to stick with the best and well audited yield farming projects with those funds which we can afford to lose.

[CaVO32]

That is sad. I hope responsible person will be able to compensate the investors' losses.

i wonder if hacking can happen like this, why not employ the best hands to tighten your security from people like them. there must have been a loophole that they used. much care needs to be taken as this hacking is now becoming rampants.

No matter how good developer is, there is always someone who can beat him out. Also, most of the recent hacking incidents have been caused by the users themselves.

Also, don't exclude the possibility of inside job in these DeFi hacks. If these hackers can easily find the loophole in their system, then, maybe, someone is supplying them some info. And some of these DeFi platforms, I think, are not trustworthy. They can stage a hack to avoid payment to their investors and later on, abandon their platform. Who knows? So better trust your hard-earned money to a reliable platform. And that is hard to find.

edit : we have the same notion here. 

Lots of exploits are done in the past few weeks, moreover it seems to be an insider job as it's exploited for the second time. BTW, team don't look like a good one as one person already point out out that co-founder of value defi is a paid actress who just hired to be acted like a spokesperson for this project. It's better for all to stick with the best and well audited yield farming projects with those funds which we can afford to lose.

[carlfebz2]

Lots of exploits are done in the past few weeks, moreover it seems to be an insider job as it's exploited for the second time. BTW, team don't look like a good one as one person already point out out that co-founder of value defi is a paid actress who just hired to be acted like a spokesperson for this project. It's better for all to stick with the best and well audited yield farming projects with those funds which we can afford to lose.

Lots of factors could really be possible reason and i cant really remove that possibility on the thing you've mentioned on here where inside jobs could really happen and people shouldnt really that
blind about these possible scheme that could happen out behind the curtains.

$11 might not really be that big compared into those big hacking incident in the past but this isnt something that should be ignored where these incidents do continue
to happen even up to these years.

This is why as an investor we should really be prepared out on these kind of circumstances or possible situations that might happen.
Always verify and make research.