On Sunday, January 28, Goledo Finance, the lending protocol in the Conflux ecosystem, was cyberattacked with the loss of 7.9 million CFX worth $1.7 million, according to the MetaTrust Alert monitoring system. After the attack, the protocol’s total assets locked (TVL) decreased by $3 million to $235,000. Meanwhile, Goledo’s altcoin project GOL dropped by 30 percent to $0.005. Here are the details…
Hack alarm in altcoin project
Goledo Finance, one of the leading lending protocols in the Conflux ecosystem, suffered a major cyber attack on Sunday, January 28. According to the MetaTrust Alert tracking system, 7.9 million CFX (approximately USD 1.7 million) worth of crypto assets were lost as a result of the attack. While this incident created a shock effect in the already fluctuating cryptocurrency market, it also reignited the discussions on DeFi security.
In its statement via social platforms, Goledo Finance stated that the team identified all the addresses related to the attackers, requested the exchanges to freeze the relevant KYC accounts, and followed up the situation by contacting the security teams Paidun and SlowMist. Calling on people to contact the authorities before taking legal action against hacks, Goledo also announced that the credit pool will be temporarily frozen and loan interest rates will also be frozen during this period.
Goledo Finance’s native token, GOL, lost 32.75 percent of its value with the news of the attack. It was also seen that the price decreased to $0.005225. Goledo Finance, the decentralized finance (DeFi) protocol on the Conflux Blockchain, is going through a difficult time after the attack last week. The magnitude of the lost asset and the sudden drop in TVL will undoubtedly have a negative impact on the user confidence of the platform. It is of great importance that the Goledo team takes a quick and transparent approach to resolve the situation and prevent loss of trust.
Blockchain security is critical
This attack also reignited discussions about Blockchain security. The transparency that comes with the decentralization of DeFi platforms can also make them an attractive target for hackers. Since security vulnerabilities will always exist, it is critical for platforms to take strict security measures, raise user awareness, and respond quickly in case of attack.
Goledo Finance’s situation is also a signal for the future of the Conflux ecosystem. This attack should not be allowed to damage the reliability of the ecosystem and necessary steps should be taken in terms of security. It will be followed with curiosity how the Conflux Blockchain and the platforms on it will overcome the challenges they will face in the future.
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