Synapse Protocol fell for $8M in a Cross-Chain Attack ⛓️
Hashing Bits || Week 46
This Week in Hacks
Synapse Protocol fell victim to a cross-chain attack
Synapse Protocol, a cross-chain fell victim to a cross-chain attack in which the attacker manipulated the price of nUSD. The protocol decided not to process the hacker transaction and the stolen liquidity (Synapisian USD) would be returned to legitimate owners. The total loss is pertaining to $8 Million.
To the Numerophile’s out there 🔢
Weekly art and collectibles NFT sales hit lowest point since January as prices soar.
Source: Here
More From the Editor's Desk
On Sep. 30, DeFi interest rate protocol Compound Finance stated that there was a token distribution bug in its newly implemented 𝗣𝗿𝗼𝗽𝗼𝘀𝗮𝗹 𝟬𝟲𝟮.
This bug that we are discussing, has accidentally rewarded users with $𝟳𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 in COMP tokens. Later, another $𝟲𝟱 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 COMP tokens were at risk as the update in the code wouldn’t take effect for the next three days due to a time-lock.
In total, the bug put $𝟭𝟲𝟮 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 “up for grabs,” making it an extremely costly mistake. Rapid expansion of DeFi & NFT ecosystem is not without its setbacks. While the extent of the adoption of Crypto is difficult to measure, a 𝗦𝗪𝗢𝗧 analysis of the Cryptocurrency industry suggests that this fintech vertical is on the right track.
Word on the Block
