Sirwin
Sirwin

GoodDollar security breach – UPDATE #5, issue (partially) resolved, claim restored

By LeftFooted | bitcoinea | 20 Dec 2023


Over the weekend, the GoodDollar protocol got hacked.


“A malicious actor”, these are the words of GoodDollar themselves, “severely affected” the protocol.


First, the GoodDollar wallet shows a rather unmistakable message: “there’s been a security breach, the app will be disabled until further notice”.


It all started in the early morning hours (GMT) between Saturday and Sunday.


Somebody moved an enormous amount of G$, causing the price to collapse.


The next day, this message appeared on the GoodDollar Wallet page. 



A few hours later, GoodDollar explained what happened, but not in detail.


UPDATE #1, DEC 17, 2.10 PM GMT+1

It seems somebody sent a large number of tokens (worth nearly 6 figures in US Dollars)to a decentralised exchange and swapped them for $USD.


UPDATE #2, DEC 17, 7.20 PM GMT+1

GoodDollar shared a message to their X account explaining there’s been a security breach and all activities are paused.

Further info isn’t available as of yet, but somebody in the GoodDollar’s Telegram channel said somebody managed to hack the protocol and mint millions of tokens, which they then sold in the market.

The price of GoodDollar is currently ‘-‘, as in there’s no price.

This is because all activities, including swapping, is halted until further notice.



UPDATE #3, DEC 18, 10.30 AM (GMT+1)

GoodDollar shared a post on X, and a few message on Telegram.

In short, somebody was able to hack the contract and essentially drain pretty much the entirety of GoodDollar’s liquidity.

At the time of writing, the GoodDollar team is still investigating the what, the how and the who.


UPDATE#4, DEC 19, 10.30 AM (GMT+1)

GoodDollar took to X to share good but not great news.

The good news is the issue has been resolved. The bad news is the wallet (and therefore UBI claims) aren't back online yet. According to their post on X, the wallet should be restored within 72 hours (ie, the end of this week).

Further, and this is also bad news, the value of G$ is still down the drain, and GoodDollar still has no liquidity after the hack.

These issues are still there, and it's unclear how (and when) they're going to be resolved.


UPDATE #5, DEC 20, 10 AM (GMT+1)

The news is again good but not great.

The good news is the issue has been resolved, and the claim button has been restored.

However, and this isn't a minor issue, GoodDollar is still struggling for liquidity, which is why the value of G$ is still currently 0.


DISCLAIMER: This is a living article because it’s inspired by ongoing events that are heavily affecting the price of a specific token, expect updates in the coming hours and days.

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LeftFooted
LeftFooted

I’m a left-footed duck that loves writing. I write about cars, watches, craft beer and, you’ve guessed it, crypto Also active on read.cash


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