Scammers manipulated the smart contracts of one of the most popular DeFi altcoin projects. While the danger still remains, he is currently at $3.3 million in losses.
Popular DeFi altcoin project filed a deficit
Veteran developer Justin Bebis, CEO of Byte Masons Web3 development studio, reported that one of his old wallets of 1inch Network (1INCH) addresses was misused by malicious people. Bebis previously reported on Twitter that an old address on the Fantom (FTM) network used by the 1inch Network (1INCH) multi-blockchain DeFi protocol was controlled by malicious people.
Those who wanted to exploit the vulnerability sent a malicious contract to 0x11111112542d85b3ef69ae05771c2dccff4faa26. Therefore, all DeFi users funds that interact with the contract are at risk. Bebis has asked all Fantom (FTM) users who have approved the above-mentioned compromised address-related transactions to cancel them immediately.
1INCH co-founder Sergej Kunz announces repayment program
The attackers spent over $3.3 million gaining access to key generation tools of old Phantom wallets. Following Bebis’ warning, another co-founder, Sergej Kunz, explained that some API endpoint users actually allow transactions to a Fantom address that only exists on the Ethereum (ETH) network (Ethereum and Fantom contracts use the same thing).
Further, Kunz stated that the altcoin cashback program has been launched and has already notified affected users. He also said that the team was ready to report the attack to the police.
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