News from DappRadar
On Wednesday, June 16th KetchupSwap, Lokum, YBear, Piggy, CaramelSwap, GoCerberus, and Garuda all saw their native tokens plummet to $0. A hacker managed to exploit these DeFi protocols, all built using the same systems.
The exact value stolen through the hack is still unclear. However, potentially the hacker got away with an amount of money comparable to the market cap of each of these projects. The GARUDA token has a market cap of around $2 million, while CERBERUS was closer to $4 million. Add the other farms, and we’re probably looking at a $10 million exploit.
The exploits were only aimed at native tokens of these Binance projects, allowing the hacker to massively amplify their rewards and then dump their excess tokens onto the market. It’s important to note that non-native tokens, like for example CAKE or BNB, aren’t affected by the exploit.
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