EagleEye
TRUSTED VERIFIED SELLER
- Joined
- Apr 16, 2024
- Messages
- 698
- Points
- 18
Vulnerability in the De-Fi protocol code led to a loss of funds and suspension of the company.
Decentralized financial service ( De-Fi ) Team Finance on October 27 confirmed that hackers took advantage of their vulnerability and stole a cryptocurrency worth $ 14.5 million.
According to Team Finance, the tokens were stolen using the migration function from version 2 to version 3. The company temporarily suspended all its activities until vulnerability was eliminated. All funds currently held by Team Finance are not at risk.
Team Finance positions itself as a « set of security tools for creators who want to create a token and attract money from the investor community ». According to the platform, since its foundation in 2020, it has received cryptocurrency at $ 3 billion in 12 different blockchains.
Due to the growing negative reaction to the platform on the network, Team Finance wrote on Twitter that it « deeply regrets » about this incident. The company also said that it conducts several audits of each smart contract. According to some blockchain security companies, vulnerability is associated with a problem in Team Finance code.
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Decentralized financial service ( De-Fi ) Team Finance on October 27 confirmed that hackers took advantage of their vulnerability and stole a cryptocurrency worth $ 14.5 million.
According to Team Finance, the tokens were stolen using the migration function from version 2 to version 3. The company temporarily suspended all its activities until vulnerability was eliminated. All funds currently held by Team Finance are not at risk.
Team Finance positions itself as a « set of security tools for creators who want to create a token and attract money from the investor community ». According to the platform, since its foundation in 2020, it has received cryptocurrency at $ 3 billion in 12 different blockchains.
Due to the growing negative reaction to the platform on the network, Team Finance wrote on Twitter that it « deeply regrets » about this incident. The company also said that it conducts several audits of each smart contract. According to some blockchain security companies, vulnerability is associated with a problem in Team Finance code.
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