TempleDAO Hacked $2.3 Million, Users Will Be Compensated
TempleDAO has just undergone a mining that made crypto tokens worth around $2.3 million. The project claims it will implement these remedies for all affected users.
On October 12, TempleDAO, a protocol that claims to provide sustainable income through staking, announced a mining attack that resulted in the theft of $2.3m (1.831 ETH).
A TempleDAO contributor stated in the project’s Discord channel that their main vault has over $100 million in Stablecoins and that the project’s operations will not be affected.
Data from Etherscan shows a withdrawal from the project’s STAX staking vault took place at roughly 9:11 a.m. EST on Oct. 11. The withdrawal was “precisely 1,418,303 TEMPLE and 1,362,438 FRAX”, according to an announcement made in the TempleDAO Discord.
Blockchain security firm Paladin tweeted the TempleDAO hack involved a smart contract mining unrelated to the bridge.
This exploit was due to “several malpractices” in one of the staking functions, which allowed users to migrate staked tokens from an older contract. The exploiter called this specific function with a fake address, giving them access to withdraw all the funds from the vault to themselves instead of the new contract.
The exploit is “one of the most trivial exploits at scale in awhile,” Paladin wrote. The exploited contract was deployed over 100 days ago, and the vulnerability has been present since its deployment.
On the same day, the Defi platform built on Solana, Mango was attacked by manipulating the price, causing the platform to suffer a loss of up to $114 million.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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TempleDAO Hacked $2.3 Million, Users Will Be Compensated
TempleDAO has just undergone a mining that made crypto tokens worth around $2.3 million. The project claims it will implement these remedies for all affected users.
On October 12, TempleDAO, a protocol that claims to provide sustainable income through staking, announced a mining attack that resulted in the theft of $2.3m (1.831 ETH).
A TempleDAO contributor stated in the project’s Discord channel that their main vault has over $100 million in Stablecoins and that the project’s operations will not be affected.
Data from Etherscan shows a withdrawal from the project’s STAX staking vault took place at roughly 9:11 a.m. EST on Oct. 11. The withdrawal was “precisely 1,418,303 TEMPLE and 1,362,438 FRAX”, according to an announcement made in the TempleDAO Discord.
Blockchain security firm Paladin tweeted the TempleDAO hack involved a smart contract mining unrelated to the bridge.
This exploit was due to “several malpractices” in one of the staking functions, which allowed users to migrate staked tokens from an older contract. The exploiter called this specific function with a fake address, giving them access to withdraw all the funds from the vault to themselves instead of the new contract.
The exploit is “one of the most trivial exploits at scale in awhile,” Paladin wrote. The exploited contract was deployed over 100 days ago, and the vulnerability has been present since its deployment.
On the same day, the Defi platform built on Solana, Mango was attacked by manipulating the price, causing the platform to suffer a loss of up to $114 million.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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