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The “Grim Finance” decentralized finance project was hacked and more than $30 million was stolen

The “Grim Finance” decentralized finance project was hacked and more than $30 million was stolen

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Answer The “Grim Finance” decentralized finance project was hacked and more than $30 million was stolen

Targeting DeFi projects from bad actors continues.

Recently, the decentralized finance project “Grim Finance” was hacked, and it lost about $30 million in cryptocurrencies last Saturday, according to the latest updates.

The project management confirmed that the protocol was subjected to an advanced attack, and according to a tweet from the same party, it stated:

The vulnerability was found in the treasury contract, so all treasuries and deposited funds are currently at risk.

Project Grim calls itself an optimizer of the compound return mechanism, which means that it promises to gain additional value from cryptocurrencies for liquidity providers and users of decentralized trading platforms if they lock their money in special pools.

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The “Grim” protocol was built on the “Fantom Opera” blockchain, a smart contract-supporting smart platform built using the “Solidity” language and compatible with the Ethereum blockchain.

The hacker used a re-entry attack, an exploit that allows someone to fake additional deposits while the initial transaction is going on, thus spoofing the protocol.

The Grim project management told its users:

We have contacted and notified Circle, DAI, and AnySwap regarding the attacker’s address in order to freeze any further money transfers.

Currently the hacker or hackers are already busy laundering illegal money by seeking to convert stolen digital currencies into stable currencies.

Rugdoc.io, a DeFi monitoring group, says Grim Finance should have known the possibility of this attack, handled better and used a re-entry guard.

This group wrote on Twitter:

We hope that all projects will draw lessons from this incident that there is a lot of knowledge that most experienced DeFi developers have.

If you haven’t got this yet, don’t build multi-million dollar projects.

Don’t just get audits from companies that everyone knows are useless.

Grim had previously participated in the review of its financial and treasury contracts by Solidity Finance.

Read:Can the Telegram network compete with the Ethereum blockchain?

As of Sunday afternoon, all deposits in Grim Finance’s vaults remain paused to prevent further thefts.

Read also:

Decentralized trading platform “UNISWAP” is preparing itself to work on the “POLYGON” blockchain

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