HomeNEWSTeam Finance loses $14.5 million to hack

Team Finance loses $14.5 million to hack


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On Thursday, popular crypto platform, Team Finance suffered a security breach on its network. The protocol confirmed the development to its community in a Twitter post. Team Finance hinted that the exploitation resulted into the loss of over $14.5 million USD of tokens.

The crypto platform further that the exploitation manifested through its audited v2 to v3 migration function. Occasioned by this development, Team Finance announced a temporary suspension all activity until it is able to address the implications of the exploit. Meanwhile, the protocol assures its community that the remaining funds on the network are not at further risk of this exploit.

As of press time, Team Finance said it is unsure of the full details of the circumstances that led to the attack. The platform, however, admonished the attacker to get in contact with the team for a bounty payment. Also, Team Finance affirms its commitment of its team to analyzing and availing necessary solutions to the situation at this very moment.

Team Finance joins the growing list of crypto platforms inflicted by exploitations this month

Worth noting, Team Finance, with this development joins the growing list of crypto platforms that have endured exploitations this October. Recall that a popular DeFi multi-chain crypto wallet, Bitkeep also suffered similar exploitation a few weeks ago. As reported, Bitkeep lost over $1 million to the exploitation. Then, the team of the wallet provider said the exploitation materialized on the BNB chain. Reportedly, the attacker targeted the swap feature of the wallet.

Just like Team Finance, the protocol immediately announced the suspension of its swap service. It also engaged security agencies to help track down the attacker. Bitkeep further encouraged everyone with necessary information on the exploiter or how to retrieve the funds to contact its team. As of press time, the protocol has commenced a reimbursement plan to cushion the effect of the exploitation.

Before the attack on Bitkeep and Team Finance, cross-chain bridge, BSC Token Hub had earlier suffered an exploitation this month. The CEO of Binance, Changpeng Zhao said the exploitation targeted millions of dollars on the BSC token hub. According to the initial on-chain analysis, the exploiter siphoned one million BNB reward using the token hub. Afterward, the hacker proceeded to deposit the balance into the decentralized finance (DeFi) lending platform, Venus Protocol.

Later, the attacker then borrowed $150 million worth of stablecoins spread across USD Coin (USDC), Tether (USDT), and Binance USD (BUSD) through cross-chain bridges. With this, the hacker was able to swap the tokens for Ether (ETH), Phantom Protocol (PHM) tokens and Polygon (MATIC) before the temporary suspension of the BNB Chain. However, beyond Team Finance, Bitkeep, BSC Token hub, other crypto platforms suffered similar fates.

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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