2nd Avalanche Hack in a Row⚠️
HashingBits || Week 38
Polkadog exploited for $70K
Polkadog, a multi-chain DeFi project’s liquidity pools on Uniswap and PancakeSwap were hacked. Total loss is expected to be more than $70K. More information awaits.
Avalanche Based VeeFinance hacked for $35M
VeeFinance, an Avalanche based lending bridge, was a victim of a total amount of 8,804.7 in ETH and 213.93 in BTC, resulting in a total loss of $35 Million. This is a second attack in a span of two weeks on Avalanche projects. Last week, Zabu Finance was hacked for $3.2M in a first ever major exploit on the Avalanche network.
Announcement: Our platform may have been exploited. All services have been paused. We’re investigating the cause. Please follow our official accounts for the latest update.
Thanks very much!
– vee.finance🔺 (@VeeFinance) September 20, 2021
pNetwork fell for $13.08M
pNetwork, a Binance Smart Chain based cross-chain protocol fell victim of a codebase level vulnerability, exploiting which an attacker stole 277 BTC, causing the total damage of $13.08 Million.
We're sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral).
The other bridges were not affected. All other funds in the pNetwork are safe.— pNetwork (@pNetworkDeFi)September 19, 2021
Vulnerability Writeups
The Main Cause of VeeFinance Attack by VeeFinance.
pNetwork Postmortem by pNetwork Team.
DeFi Security
Security First in DeFi: How to Keep Crypto Safe as a Crypto Beginner by Binance.
Security First in DeFi: How Projects Respond to Risks and How Users can Protect Themself? By Binance.
Gavin Wood: DeFi Regulation is a ‘Good Thing’ by CoinDesk.
Hello Decentralization 2021 | The Sorry State of DeFi Security by Stefan Beyer.
DeFi in Numbers
DeFi Crime Hits Record High - Reuters.
More From Editor’s Desk
Poly Network attack
Developed to address the interoperability of blockchains, Poly Network grew rapidly and locked up around one billion US dollars worth of crypto assets. However, stakeholders were left in shock when more than $600 million USD of cryptocurrency was stolen in a single attack. This left the protocol’s assets under management (AUM) more than cut in half.
Smart contracts are the mind and soul of DeFi protocols. Protocols behave exactly the way the smart contracts powering them are programmed. A bug could result in huge losses to the protocol. Worse, it might lead to an irreversible shutdown.