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The DeFi protocol Paid Network has been exploited via a vulnerability that allowed an attacker to create millions of new tokens.
Millions Dumped By Hacker
On Mar. 5, an unknown hacker exploited Paid Network’s smart contract and created over 59.4 million PAID tokens worth $166 million at the attack time.
“The attacker used a compromised private key to the original contract deployer to leverage the smart contract’s upgrade function. The attacker then proceeded to ‘upgrade’ to a new smart contract that had the ability to burn and re-mint tokens,” the team said.
Soon, the hacker moved on to selling the illicitly-created 2,501,203 $PAID tokens on Uniswap for 2,040.4339 ETH (about $3 million at the time).
Bitcoin traders are starting to get worried, Tesla is told to sell off its crypto and buy back shares instead, and Kings of Leon wade into the NFT craze.
Losing money while trading cryptocurrencies is nothing surprising or new, and every trader learns that sooner, rather than later. However, for a project to lose $31 million worth of crypto a day after launch is scandalous, at best. This is exactly what happened to a DeFi project called Meerkat Finance, which recently launched on Binance […]
A yield farming project on BSC has been hacked for $31 million.
Their website, twitter account, and telegram channel are all down, suggesting a rug pull by creators.
The hackers are using DeFi avenues to move the stolen tokens.
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The BNB-BUSD yield farming “Vault 1” of the DeFi application Meerkat finance, a clone of Yearn Finance on Binance Smart Chain, was drained for $31 million this morning.
Meerkat Finance Hackers Tinker With Smart Contract
The hackers implemented a change in the ownership of the smart contract address on Meerkat Finance at 9 am UTC. Soon after, they began withdrawing from the smart contract to multiple addresses.