Another DeFi platform becomes hack victim with $5 million stolen
DeFi platform hacks are nothing new to the industry, with many projects falling victim to hackers and market manipulators. But the Pizza DeFi the platform hack was the first case on the EOS blockchain.
Platform hack
According to a Twitter announcement, the hacker, named itsspiderman, exploited eCurve and minted an infinite amount of Tripool tokens, which he or she was able to deposit on the platform as collateral.
Using a large number of Tripool tokens, the hacker was able to open oversized positions and drain real valuable assets and withdraw them into his own wallet. The lost tokens are valued at $ 5 million.
The platform’s account has stated that it is going to try to retrieve the stolen funds in this unprecedented case in the industry. But at the same time, the previously hacked PolyChain DeFi protocol managed to receive all stolen funds back from the hacker.
Is there hope for users of the platform?
In the case of the PolyChain hack, the number of funds stolen was greater than in the Pizza hack, which also means that it was significantly more difficult to make a profit on this amount, which is not the case here. .
The $5 million is already sitting in the hacker’s private wallet, and there are no barriers for this person to realize the majority of stolen funds right now. SlowMist Blockchain Ecosystem Security company has also tweeted that the team is actively analyzing the hack in order to help with funds retrieval.
