Another Defi Protocol Falls Victim of Exploit…and its Digital Currency Collapses by 95%
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Answer Another Defi Protocol Falls Victim of Exploit…and its Digital Currency Collapses by 95%
The Decentralized Finance Protocol The subject of our article is the “Visor” protocol, which is a Uniswap-based protocol specializing in NFT smart lockers.
This protocol was recently hacked and exploited and 8.8 million “vVISR” were pulled.
Currently, the Visor team is trying to address the issue, but the price of the protocol’s cryptocurrency has already collapsed after the hack.
A hack costing millions:
The management of “Visor Finance” drew attention to the hack on Twitter earlier today.
Apparently, the hack targeted vVISR.
The flaws in the contract were exploited in the process of penetration and doubling the number of coins by exploiting its loophole, and the same loophole was exploited to mint digital currencies freely and without limits.Read:Crypto company “Fireblocks” acquires “First Digital” company…Details here
He told the project team that the affected VISR controls would be restored.
This exploitation caused severe damage to the price of the digital currency “VISR”, as according to “Coinmarketcap” data, the price of the coin was hovering at a price of $0.92 this morning, and the price collapsed quickly to $0.03 in the early afternoon.
Trading volume tripled during this time frame after the hacker sold all of his cryptocurrency through Uniswap.
He also used “Tornado Cash”, a protocol that provides high privacy for transactions based on Ethereum used to anonymize transactions.
Tornado was also used by SquidGame Token scammers in October to escape users’ stolen funds without any trace.
For the record, this isn’t the first time that Visor has experienced a major hack.
In June, $500 million was stolen from the network, about 16% of TVL’s locked value at the time.Read:Trading platform “BitBank” determines its position on supporting “Ethereum PoW” currency…Details here
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Cryptocurrency exchange “BitMEX” launches its own digital currency…Details here
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