$11M drained from Elephant Money DeFi platform🐘
Hashing Bits | Week-15
Events Under the Spotlight 🔎
MetalSwap rug pulled investors
MetalSwap, the first decentralized exchange on the Binance Chain rug pulled investors and closed all communication channels.
As a result, the token price plunged by 99%.
Hackers steal more than $11M from Elephant Money DeFi platform
Elephant Money, a yield optimizer on Binance Chain, suffered a price manipulation attack, leading to a loss of 27,416 BNB or $11.2 Million.
The Elephant Money team paused all the smart contracts.
The team released an official event postmortem.
The funds to perform the hack were withdrawn from Tornado Cash.
Flawed token on PancakeSwap drained $1.9M
$CF token on Binance Chain had a smart contract flaw that allowed anyone to drain anyone’s $CF balance.
$1.9 Million were lost, and the $CF - USDT pair on PancakeSwap was affected.
To the Numerophiles out there 🔢
NFT Prices May Drop Sharply After Initial Surge, Say Experts
More From the Editor’s Desk ✍️
Smart contracts are programmed instructions coded with functions and data to execute transactions on the blockchain. When a user requests a transaction, the smart contract verifies the buyer and seller conditions are satisfied.
Once the validation, it automates the transaction without any intermediaries. Thus, it makes it crucial to ensure the security of smart contracts; it often leads to substantial financial losses.
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