An exploit has left Multicoin Capital-backed DeFi, dForce with a loss of ~$25M total locked value

An exploit has left Multicoin Capital-backed DeFi, dForce with a loss of ~$25M total locked value

By xqanxxx | xqanxxx | 19 Apr 2020


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The multicoin capital-backed decentralized finance (DeFi) protocol, dForce has been reported to have suffered an exploit leading to a loss of approximately $25 million.

Data presented from delfipulse showed a massive decline in the total value locked in the dForce ecosystem. The total valued locked in the system had dropped over a period of 24 hour from $24.9 million to $6 as reported by theblockcrypto.com. 

Lendf.Me, which is an open source money market protocol and part of the dForce ecosystem, at the time of publishing has been offline after it was reported by Chinese crypto news site, ChainNews to have been attacked at 8:45 GMT and at block height of 9, 989, 681. The Lendf.me allowed users to supply asset and in return earned interest every block. 

The CEO of dForce, Mr Mindao Yang on dForce Telegram Channel, cautioned users not to supply any asset to Lendf.Me at the moment and assured that the matter is being investigated.

The DeFi ecosystem in general has been a target for hackers. We've witnessed similar incidents in the pass. Uniswap for instance was drained of $300,000 in ethereum and imBTC (a tokenized version of bitcoin) on the ethereum network. 

This unpleasant occurrences posed as threat to crypto adoption in a way as it becomes more uncomfortable for new entrant. We hope to see a much improved way, security wise, for people to invest their hard earned money without feeling any form of insecurity. 

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