Another "rugpull" occurred in the #DeFi area. The #rugpull victim of this weekend was #ForceDAO.
🚨Again disaster for a DeFi project🚨
ForceDAO has been under a massive attack. The attack was caused by an error in the code of the #xFORCE contract. The bug allows anyone to use the "deposit" function regardless of whether they hold FORCE tokens or not. This means that it is possible to print xFORCE tokens from the contract, for contractual purposes only, without locking any tokens in the vault.
Therefore, anyone can exchange these tokens for FORCE using the "withdraw" functionality in the contract.
It is stated that a large number of attackers took advantage of this vulnerability early this morning. An attacker received 14.8 million FORCE for $ 24 million. But since then, he's returned the money to the pool. However, the other 4 people exploiting this vulnerability have seized 6.75 million tokens and have already started trading the funds to various exchanges. The liquidity dropped when the white hat hacker found this vulnerability. This means that other attackers earn significantly less money than FORCEs.
Mudit Gupta, leader of #Polymath Network's blockchain team, detailed the attack in the following tweet thread:
🚨FORCE fell hard🚨
ForceDAO held an airdrop yesterday where FORCE tokens were distributed to active Ethereum users. Earlier this morning, the token was trading at $ 2.30 but has since declined. The token, which declined to levels of $ 0.024, is trading at $ 0.30 with a 90% loss at the time of writing.
24-hour FORCE chart. Source: #CoinGecko
One of the #malicious #attackers used an address linked to the central cryptocurrency exchange #FTX . This gave hope that the funds could be saved. Others used the decentralized exchanges #1inch and #SushiSwap.
ForceDAO confirmed the attack in the following tweet. The team stated that the details will be shared later.
