Team Finance Taken For $14.5 million
In today's edition of YIYL, (You Invest, You Lose), we dive back into the DEFI the dumpster fire that keeps on giving. Team Finance is a project that helps projects lock their tokens to be released after a certain period or on a schedule. So you ask wtf would I need this for? Why do I need to prove on chain that I am locking up my funds, honestly I don't know, learn to fucking hodl.
Now the use case in question hear is that teams of projects can prove that they've locked up funds be that a native token or stablecoins so ordinary retail can see they have the capital for runway not that it is liquidity since it's fucking locked up in a smart contract vault but okay, when did logic ever stop shitcoiners from creating projects.
Founded in 2020, Team Finance and its parent firm, TrustSwap, provide token liquidity locking and vesting services for project executives. The protocol claims to have $3 billion secured across 12 blockchains.
The team Finance service works across different EVM blockchains, like ETH, MATIC, HECO, BESC, FAntom, AVAX, and CRONOS only adding to the complexity of smart contracts they need to run and nodes they need to support, and boy did that come back and bite them in the arse big time.
The dream team, still asleep
As Hacktober continues, Team Finance are the latest shitcoin project to come under fire after a user exploited a vulnerability in a smart contract that enabled users of Team Finance to migrate from version two to version three of their project, despite that contract being audited.
https://twitter.com/TeamFinance_/status/1585770918873542656
Yes, folks, having your contracts audited by these security companies don't mean dick, because they can't audit what you didn't think of as an issue and if it's not there and you deploy, the rigidity of the contract means that you're deploying something with a possible backdoor.
The user made off with $14.5 million thanks to the vulnerability and his ingenuity, but there are claims from PeckShield that the losses are even higher than that.
https://twitter.com/peckshield/status/1585587858978623491
In its report, PeckShield explained that the attackers exploited the migrate function to transfer real liquidity from Uniswap V2 to V3 with skewed prices. The manipulated price of assets enabled the hackers to receive a significant profit from the transaction.
“The protocol has a flawed migrate() that is exploited to transfer real UniswapV2 liquidity to an attacker-controlled new V3 pair with skewed price, resulting in huge leftovers as the refund for profit. Also, the authorized sender check is bypassed by locking any tokens."
Four tokens’ trading pairs were affected in the attack to the tune of $15.8 million, according to the security platform.
- CAW (A Hunters Dream) saw the largest loss at $11.5 million
- Dejitaru Tsuka at $1.7 million
- Kondux at $0.7 million
- Feg at $1.9 million
Suspending our "decentralised operations"
Team Finance is yet to confirm a fix for the vulnerability but instead, all activities of the protocol have been temporarily suspended as we do in DEFI you know.
“until we are certain this exploit has been remedied,” is what they actually said, lol
When you're decentralised and run on a blockchain where the code is meant to be the law it's only natural that you can take things down when you embarrass yourself.
In the good times act like a protocol to sucker in investors, in the bad times, you act like the company you've always been with intervensionist policy.
The team also stated that all the funds managed by Team Finance are not at risk. Team Finance manages about $3 billion in assets, per the Twitter description and their website but that doesn't look like it will be that way for very long.
Oh please mr hacker give us back our money
Team Finance didn't stop there with the embarrassment that the smart contract had been previously audited and urged the hacker to
“get in contact with us for a bounty payment.”.
What a bunch of fucking clowns, and there you have it folks the future of finance, transparent, on-chain, decentralised lol you fucking shitcoiners are hilarious.
Source:
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Posted Using LeoFinance Beta
About a year ago I was involved in somewhat 10 Defi projects. Took my assets out of them last spring but out of curiosity, I checked what was up with them. 80% are dead and the rest of them dying. Works only for those who know to sell before the curve starts to come down. And it does. Every time.
You can say that about anything, buying and selling sneakers, for example, cut repeating that generic bullshit as if it's insights, it's not
lol im 100% sure you didn't even outperform just hodling bitcoin,
lol im 100% sure you didn't even outperform just hodling bitcoin,
Well, I didn't lose THAT much! No, with Terra I did :D
Jess enjoying these scary shitcoin stories, makes me want to just hide under the sheets and HODL!😮
Posted Using LeoFinance Beta
Lol If I can scare one person from trying to put their money into a scam, then I am happy and done my job