Grim Finance targeted by an “advanced” hack; losses over $ 30 million

It’s not just the lucky investors who get rich off of crypto.

Hackers have taken billions of dollars in virtual assets over the past year compromising some of the cryptocurrency exchanges that have emerged over time. Well, at least the ones reported.

No matter how valuable the crypto market is, illicit activity and cryptocurrencies are indeed made in heaven. Well, more like hell.

$ 40 million lost

dark finance, a Smart Yield Optimizer platform based on Fantom Opera is currently in the news. This network was the last victim of a feat with an estimated loss of over $ 30 million. The team confirmed the same in a series of tweets.

Said attack was an advanced attack. “The attacker attacked using the function titled beforeDeposit () of our vault strategy by entering a malicious token contract,” the team said. added.

After further research, the team presented a brief analysis of this heist.

Meanwhile, a security researcher with a Twitter account Vahe Karapetyan reiterated the aforementioned analysis concisely.

Next steps

All chests have been paused to prevent further attacks. Although a few are “non-stop for users to withdraw their funds,” the team noted. But here is the main concern. The exploit was found in the vault contract. Ergo, all the safes and funds deposited were at risk. To alert the accused aggressor and highlight address, the team:

“… Contacted and informed Circle (USDC), DAI and AnySwap regarding the attacker’s address in order to potentially freeze any further transfer of funds. “

Nonetheless, many projects such as Beefy, Tomb, SpiritSwap and FTM Alerts have expressed their support for the one that fell. In addition, provide the latest updates regarding the situation.

An autopsy report is expected to be released shortly.

Hard blow…

Regardless of the support or not, the damage was already done. Grim Finance (and the token) has fallen 74.09% in the past 24 hours.

Source: CoinMarketCap

At time of printing, the REAPER token was trading at $ 0.010408 after the major setback. Now, will it recover from this blow? Only time will tell. Well, before that the team needs to recover or rather compensate the affected users.

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