{"id":9965,"date":"2021-09-15T13:33:29","date_gmt":"2021-09-15T12:33:29","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=9965"},"modified":"2021-09-15T13:33:33","modified_gmt":"2021-09-15T12:33:33","slug":"defi-hack-alert-nowswap-suffers-a-1-million-loss-due-to-a-cyber-attack","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/defi-hack-alert-nowswap-suffers-a-1-million-loss-due-to-a-cyber-attack\/","title":{"rendered":"Defi Hack Alert: NowSwap suffers a $1 million loss due to a cyber attack"},"content":{"rendered":"\n
According to PeckShield, the DEX protocol<\/a>, NowSwap experienced a cyber attack which made the firm lose more than $1 million in money.<\/h5>\n\n\n\n
\"Defi<\/figure>\n\n\n\n

The hackers\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> made off with 535,000 USDT and 158 WETH. <\/p>\n\n\n\n

USDTs are converted to ETH using 1inch, a distributed network service, and then transferred to Tornado Cash, an anonymous trading platform run by Ethernet Square. In addition, the hackers made use of :<\/p>\n\n\n\n

Indeed, the current implementation only enforces 1\/10 of K! The hacker grabs 535K USDTs and 158 WETHs. The USDTs have been swapped into ETH via @1inch and then washed via @TornadoCash https:\/\/t.co\/IFXySRn1kV\u2014 PeckShield Inc. (@peckshield) September 15, 2021<\/p><\/blockquote>\n\n\n\n

Defi<\/a> Hack History<\/h2>\n\n\n\n

CREAM Finance Hack<\/h3>\n\n\n\n

The Defi hacking fad has taken off like wildfire, and procedures are terrified of becoming the next target. CREAM Finance, a platform that uses the Defi protocol, just experienced its first-ever direct Defi protocol exploit. <\/p>\n\n\n\n

The hack was in stages, according to the group, with the main exploit and a smaller copy-cat being released in stages. The exploit was generated by a flaw in how C.R.E.A.M. Finance<\/a> integrated AMP into its protocol, according to CREAM Finance with PeckShield's assistance.<\/p>\n\n\n\n

\u201cAt approximately 12 pm on 31st August (UTC +8), C.R.E.A.M. Finance was exploited for 462,079,976 in AMP tokens and 2,804.96 ETH tokens.\u201d, CREAM Finance clarified the exploit amount.<\/p><\/blockquote>\n\n\n\n

PolyNetwork Hack<\/h3>\n\n\n\n

PolyNetwork, a cross-chain Defi protocol, was hacked for $610 million, the largest Defi hack ever. On August 10th, the protocol was hijacked, and the hacker was able to bypass approval from the “bookkeepers.”<\/p>\n\n\n\n

The hacker moved the stolen cash to three other Ethereum, Binance, and Polygon blockchain wallets. The majority of the funds were changed to USDC, USDT, and BUSD stablecoins. The attacker, on the other hand, recently returned all cash using a private key.<\/p>\n\n\n\n

Neko Network Hack<\/h3>\n\n\n\n

Following the attack on PolyNetwork<\/a>, Neko Network was hacked as well, losing nearly $2 million in Stablecoins. The address of a Neko Network attacker received 2 million USDT, 390,000 BUSD, and 1 BTCB. <\/p>\n\n\n\n

The attackers exchanged the stolen stablecoins for BNB via PancakeSwap on the Binance Smart Chain. The Defi protocol, on the other hand, has only received a partial response from the hackers in the Neko Network hack.<\/p>\n\n\n\n

DAO Hack Attack<\/h3>\n\n\n\n

Last month, Dao Maker, a crowdfunding platform, was hacked, losing almost $7 million in USDC, which was eventually converted into 2,261 ETH. According to one estimate, the theft may have compromised 9,000 to 10,000 USDC accounts on DAO Maker<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to PeckShield, the DEX protocol, NowSwap experienced a cyber attack which made the firm lose more than $1 million in money. The hackers made off with 535,000 USDT and 158 WETH. USDTs are converted to ETH using 1inch, a distributed network service, and then transferred to Tornado Cash, an anonymous trading platform run by […]<\/p>\n","protected":false},"author":13,"featured_media":9967,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[2155,197,2099],"class_list":["post-9965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dao-maker","tag-defi","tag-polynetwork"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/image-133.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=9965"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9967"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=9965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=9965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=9965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}