Hacker destroyed $1 million in stolen cryptocurrency
An attacker attacked the Zeed DeFi protocol but did not withdraw funds from an “attack” smart contract
22.04.2022 - 10:45
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What’s new? A hacker attacked the Zeed DeFi protocol and withdrew $1,04 million in BSC-USD Binance-Peg (BUSDT) tokens, according to cybersecurity firm BlockSec. However, the attacker did not transfer the funds from an “attack” smart contract, which was set to self-destruct. All the stolen cryptocurrency was destroyed before the hack was even detected.
Details of the hack. The hacker exploited a vulnerability in the reward distribution protocol, allowing him to issue additional tokens. The attacker then sold them, collapsing the price of the native token of Zeed (YEED) to zero, and earned more than $1 million.
Analytics firm PeckShield noted that the stolen cryptocurrency was transferred to an “attack contract,” a smart contract that automatically executes an exploit. However, the hacker did not withdraw the funds from the address before setting it to self-destruct, and the coins were permanently stuck in the contract. On April 21, at 7:15 UTC the contract was destroyed.
What had happened before? On April 17, Beanstalk Farms, a DeFi-protocol, was hacked, causing the platform to lose $80 million. Following the hacker attack, the network’s native token collapsed by 86%. The developers of the MetaMask crypto wallet also warned of possible phishing attacks on Apple iCloud. They advised disabling data backup for their app.
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