An up and coming crypto launchpad, Team Finance, faced a severe $14.5 million exploit, which, according to the firm, occurred due to an issue in the migration feature.
Team Finance Pauses Activities after Major Exploit
In a tweet, Team Finance explained that ever since they spotted the exploit, they’ve stopped all activities. Additionally, the firm encouraged the exploiter to contact the firm for a reward to eliminate the system bug.
The exploit was a result of a glitch in v2 to v3 migration function, which had already undergone an audit. On their Twitter account, Team Finance mentions that they were alerted of an exploit on the platform.
Team Finance Lures Exploiter with Impressive Reward
And while the firm is unsure of the finer details, they did urge the exploiter to contact them for a bounty payment. They then ended the Tweet by saying that they were analyzing the current situation and that they’d make further announcements as they learn more about the case.
They made the initial announcement via Twitter, explaining that tokens worth over $14 million were exploited. The firm is among the latest companies that have suffered from a major exploit.
Earlier during the month, the Binance Smart Chain had to deal with an exploit worth $100 million. Meanwhile, the Mango Finance decentralized exchange faced one worth $114 million.
As of now, Team Finance has a total value locked of about $129 million ever since the $14.5 million loss. Based on data from DefiLlama, this came down from a value of $147 million.
Mango Markets Protocol Suffers from $100 Million Exploit
The Mango Markets decentralized exchange suffered from a major exploit, after which a malicious group disappeared with digital assets worth $100 million.
Based on a Twitter thread by the exchange, the exploit was the work of a group of individual person who was funding the account with the USDC stablecoin. Later, they took a bigger position in the token’s perpetual futures market.
After that, the MNGO price grew by tenfold on various exchanges, which the price oracles relied on as a reference for the MNGO-PERP value.
A large amount of profit on the specific account allowed the user to borrow and withdraw cryptocurrencies like Bitcoin, Solana, Tether, and USDC worth about $100 million.
The exchange detected the exploit on October 12 around 02:37 UTC. It soon froze all operations to keep users from taking any actions that could put their funds at risk.
The exchange later posted on Twitter, saying that Mango users with deposits wouldn’t be able to withdraw their crypto assets. The main reason for this was that the exploit drained all the equity available on the platform.
It proves that bad actors are becoming increasingly sophisticated in the exploits they use to get away with millions of dollars in crypto assets.
James Thompson