The cryptocurrency market has been shaken by yet another altcoin hack. Hacked Team Finance lost $14.5 million to attackers exploiting smart contract bugs. The altcoin project has assured its users that the funds on its platform are not at risk from exploitation. But it has stopped services until the bug is fixed.
Another altcoin hack and millions stolen!
Team Finance made a statement on the subject on Twitter. According to the company’s post, Team Finance was hacked on October 27. The hack resulted in $14.5 million worth of asset loss. Team Finance is a web3 infrastructure platform that enables businesses to secure tokens. Regarding the subject, the altcoin project gave the following statement in its share:
We just received a warning of an exploit on Team Finance. We are not sure of the details at this time. We urge the attacker to contact us for a bounty payment. We are currently working on analyzing and rectifying the situation. $14.5 million worth of tokens used through the audited v2 to v3 migration functionality. We have temporarily suspended all activities through team funding until we are confident that this gap has been remedied. All funds currently in Team Finance are no longer at risk from this exploit.
We have just been alerted of an exploit on Team Finance.
We are currently unsure of the details.
We urge the exploiter to get in contact with us for a bounty paymentWe are working to analyze and remedy the situation at this very moment.
More details to follow
— Team Finance (@TeamFinance_) October 27, 2022
cryptocoin.comAs we reported, Team Finance said in its Twitter thread that the attacker exploited the flawed V2 to V3 migration feature that was previously audited.
According to PeckShield the attacker used this method
Blockchain analytics and security firm PeckShield estimates that the hacker got away with $15.8 million worth of cryptocurrency. The hacker used 1.76 Ethereum (ETH) tokens withdrawn from FixedFloat to launch the attack. The attacker parked all the loot in one wallet. According to PeckShield, the total loss includes 880 ETH and 6.4 million DAI tokens, among others.
2/ The protocol has a flawed migrate() that is exploited to transfer real UniswapV2 liquidity to an attacker-controlled new V3 pair with skewed price, resulting in huge leftover as the refund for profit. Also, the authorized sender check is bypassed by locking any tokens. pic.twitter.com/G2QVNU7DgU
— PeckShield Inc. (@peckshield) October 27, 2022
Team Finance says other funds on the platform are safe
Team Finance, a product of TrustSwap, has assured users that funds left on the platform are no longer at risk by the same hacker. However, the altcoin project is not sure about the details of the attack. That’s why the platform has suspended all its activities until all security vulnerabilities are fixed.
Meanwhile, Team Finance urged the hacker to contact the team to pay the reward. According to DeFiLlama data, the total value (TVL) locked in Team Finance fell from $147.03 million to $12.39 million after the hack.
