Hackers withdrew over $22 million in cryptocurrency from the Elephant Money project
The platform’s native token ELEPHANT collapsed by 77% after being hacked
13.04.2022 - 11:20
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What’s new? Elephant Money (ELEPHANT), a DeFi protocol, created on the Binance Smart Chain blockchain, was subjected to a hacker attack, causing the platform to lose $22 million. The developers of the project claim that users’ funds are safe. According to CoinGecko, the price of the ELEPHANT altcoin fell by 77% after the hack.
Details of the hack. Elephant Money claims that the hacker attack is not related to the project’s employees. The hacker took advantage of a vulnerability in smart contracts. According to cybersecurity company PeckShield, the hacker withdrew 27 416 BNB ($11,4 million as of April 13, 2022) and 30,41 billion ELEPHANT for $11 million.
What had happened before? On April 2, Inverse Finance, a lending protocol, was subjected to a hacker attack. An attacker withdrew more than $15 million from the platform by manipulating the price oracle of the INV/ETH pair on the SushiSwap exchange. The developers promised to compensate users for all losses.
Also, Ola Finance, a DeFi protocol, lost $4,67 million because of a smart contract exploit. A hacker exploited a “re-entrancy” vulnerability in the ERC-677/ERC-777 token standard. The smart contract bug allowed the protocol to send multiple requests and withdrawals.
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