In an attack on DeFi projects, hackers managed to find and appropriate $ 1 million in cryptocurrency. However, the stolen funds were later converted to a “self-destructing contract“.
Blockchain security and analytics company, BlockSec shared that it discovered an attack on the little-known DeFi lending protocol called Zeed. This project also gives itself a beautiful name “decentralized finance integrated ecosystem.”
Hackers exploited a flaw in the reward distribution method, allowing them to mine more tokens that were sold. However, this action only raised more than 1 million USD. Analyst firm PeckShield emphasized that the stolen cryptocurrency has been converted into a “self-destructing contract.” It seems that the hacker was so excited by the successful theft that they forgot to move more than $1 million worth of stolen crypto out of that contract before putting it in permanent, self-destructive mode.
Through a blockchain scanner to check that contract address, it was found that $1,041,237.57 USD worth of BSC-USD Binance-Peg tokens were permanently stuck in the contract and they successfully self-destructed on at 14:15 on April 21.
Other notable DeFi attacks include $80 million worth of crypto stolen from Qubit Finance in January, where attackers tricked the protocol into believing they had deposited collateral, for allowing them to mine an asset that represents the bridge cryptocurrency.
The DeFi Deus Finance market was mined in March when hackers manipulated the price feed of a stablecoin pair resulting in the inability of users to pay, netting the hacker more than $3 million.