Bankroll Network hit by $230K exploit as DeFi hackers continue to target crypto protocols, with phishing scammers moving stolen funds through CoW.
In another blow to decentralized finance (DeFi) security, the Bankroll Network suffered a major hack on Sept. 22, leading to a loss of $230,000. According to a post from blockchain security platform TenArmor, suspicious transactions were detected that involved multiple transfers from the BankrollNetworkStack contract, with the hacker exploiting a vulnerability to drain funds.
Meanwhile, a separate phishing scammer attempted to launder $250,000 of stolen crypto through the CoW protocol, raising further concerns about security in the DeFi space.
Key Points:
Bankroll Network Hack: On Sept. 22, $230,000 was siphoned from the decentralized finance protocol Bankroll Network. Suspicious self-transfers from the protocol’s contracts were identified, likely involving a flash loan exploit.
Phisher Launders Funds Through CoW: A phishing attacker who previously stole $55.4 million in crypto moved $250,000 through CoW on Aug. 28, converting stolen DAI to ETH in a failed attempt to evade detection.
DeFi Exploits on the Rise: The incidents highlight growing vulnerabilities in DeFi protocols, with both hacks and phishing attacks posing significant threats to Web3 users.
Security Alerts: Users are advised to be cautious when interacting with DeFi platforms and ensure protocols undergo thorough security audits, as well as avoid interacting with unfamiliar contracts.
DeFi protocols continue to face significant security challenges as hackers exploit vulnerabilities, causing substantial losses to users. As demonstrated by the recent Bankroll Network exploit and ongoing phishing scams, the DeFi ecosystem must prioritize security to safeguard users' funds. Continuous monitoring and improved security measures will be crucial as the sector evolves.
Source: Cointelegraph
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