Earlier today, the DeFi platform Bondly Finance was reported to have faced a system hack from an unknown source and its native token’s (Bondly) price dropped more than 60%.
Bondly Finance, a decentralized e-commerce platform, is the latest decentralized finance (DeFi) business to be hacked.
Following a possible exploit on July 15, the developer team recommended the DeFi community to avoid trading Bondly, the platform’s native cryptocurrency.
Aside from being hacked by an unknown source, Bondly Finance has yet to share details about the incident. “Rest assured, we have already taken action and will be operating as usual as soon as possible,” states the official statement.
Within three hours of the attack, the price of Bondly tokens had plummeted by more than 60%. A 373 million token mint on the Ethereum blockchain explains the price dip, according to PeckShield, a blockchain security and data analytics business.
The security firm also says that the massive Ethereum mint was carried out by the owner’s address, thereby accusing Bondly of pulling a rug out from under him.
Bondly was established on Polkadot in 2020 as a DeFi protocol to “offer an ecosystem of decentralized products that enable anybody to conduct digital payments between peers,” according to the official description.
It was founded by Brandon Smith, a former managing partner at Shuttle Capital.
In the DeFi ecosystem, flash loan attacks, rug pulls, and exploits are all too prevalent.
Some BSC-based DeFi hacks
In May, PancakeBunny, a popular decentralized finance system built on Binance Smart Chain (BSC), was the target of a hacker who made off with more than $200 million in crypto assets.
BurgerSwap, a BSC-based DeFi exchange, was also hacked, with hackers stealing $7.2 million in crypto assets, including Burger tokens, Wrapped BNB, and Tether (USDT).
A flash loan exploit took $3 million from another BSC-powered DeFi initiative, Bogged Finance, which was half the platform’s liquidity at the time of the attack.