Venture Capitalists News Hubb
Advertisement Banner
  • Home
  • Venture Capital Market
  • Venture Capital Funding
  • Contact
No Result
View All Result
  • Home
  • Venture Capital Market
  • Venture Capital Funding
  • Contact
No Result
View All Result
Venture Capitalists News Hubb
No Result
View All Result
Home Venture Capital Funding

TempleDAO Loses $2 Million in Latest Exploit

admin by admin
October 11, 2022
in Venture Capital Funding


  • An estimated 1.1 million TEMPLE was sold off
  • The root cause of the exploit was insufficient access control to the migrateStake function, according to BlockSec

TempleDAO, a yield-farming DeFi protocol, has been exploited for around $2.34 million.

All funds exploited were converted to ether and then moved to a new wallet, where they now sit. 

The pseudonymous Doc Peppercorn, a contributor to TempleDAO, posted on its Discord group that a series of transactions through Stax Finance, a TempleDAO-affiliated dapp, led to the sell-off of an estimated 1.1 million TEMPLE, the primary token of the Temple Protocol.

“We are investigating what happened so we can bring you the full picture of how this occurred, what we did to resolve and any further remediation steps,” he wrote.

The root cause of the exploit was insufficient access control to a specific function in the Stax smart contract, according to security firm BlockSec.

Prior to the exploit, TempleDAO’s protocol’s total value locked was about $57 million, according to DeFiLlama. The exploit amounted to roughly 4% of the protocol’s assets. 

According to a recent report published by bug bounty and security services platform, Immunefi, DeFi protocols remain a key target for exploits in comparison to centralized finance — representing a total of 98.8% of losses in Q3 of 2022 — with the Nomad Bridge hack and the Wintermute exploit making up the majority of the losses.

The two most targeted chains were Binance’s BNB Chain, which was recently drained of over 2 million BNB, and Ethereum, according to the report.

At the time when the report was published, the BNB Chain had suffered from 16 individual attacks resulting in the loss of 28.6% of all losses across targeted chains, and Ethereum reported 13 incidents which represented 23.2% of total losses.

The exploiter’s address was originally funded from an address on the Binance Exchange, so it’s possible the exchange may have know-your-customer information on the culprit.

A Binance spokesperson did not immediately respond to a request for comment.

This is a developing story and may be updated.


Attend DAS:LONDON and hear how the largest TradFi and crypto institutions see the future of crypto’s institutional adoption. Register here.


  • Bessie Liu

    Blockworks

    Reporter

    Bessie is a New York based crypto reporter who previously worked as a tech journalist for The Org. She completed her master’s degree in journalism at New York University after working as a management consultant for over two years. Bessie is originally from Melbourne, Australia.

    You can contact Bessie at [email protected]





Source link

Previous Post

Karnataka govt warns Ola, Uber, Rapido of penalty for operating autos

Next Post

The Capital Quest | Amethis elevates MENA fund leads as partners, bumps up two as senior partners

Next Post

The Capital Quest | Amethis elevates MENA fund leads as partners, bumps up two as senior partners

Recommended

Nilekani-backed VC firm Fundamentum raises $227M in Fund 2

5 months ago

Funding wrap: TRM Labs, Ramp, Notifi get new cash infusions

2 months ago

The Capital Quest | Edtech unicorn Byju’s scoops up $250 mn in internal round

3 months ago

The Capital Quest | HealthKart pulls in $135 mn from Temasek, A91 Partners, others

2 months ago

Paintings, praise, purchases–20th edition of Chitra Santhe kicks off in Bengaluru

3 weeks ago

The Capital Quest | Egyptian fintech Money Fellows, Nigerian proptech SmallSmall raise VC funding

3 months ago

© 2022 Venture CapitaLists News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Venture Capital Market
  • Venture Capital Funding
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Venture Capital Market
  • Venture Capital Funding
  • Contact

© 2022 Venture Capitalists News Hubb All rights reserved.