An altcoin with veteran crypto investor Polychain Capital among its investors fell victim to a $7.5 million hack. After the news, the price went down in double digits.
Another new hack in the DeFi altcoin market
DFX Finance, a decentralized exchange for stablecoins, was the latest hack for November. The hackers managed to steal a total of $7.5 million tokens from the DEX. The vulnerability is caused by smart contracts in DFX Finance’s flashloan function. Users can get a loan at favorable rates from here and repay the loan before the transaction ends. According to a report from cybersecurity platform Halborn, DFX Finance lacked re-entry protection on flashloan transaction. The attacker was able to take out a loan and deposit that loan back into the contract. As a result of the $7.5 million hack news, DFX Finance’s token DFX dropped over 10%.
Meanwhile, hackers were able to withdraw only half of the currently $7.5 million worth of cryptocurrencies to their wallets. Among the stolen $4.3 million cryptocurrencies is 2963 ETH. cryptocoin.comAs you follow, Ethereum has been under intense selling pressure in recent days. On November 28, a huge crypto whale moved million dollars of ETH to Binance.
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