On June 26, decentralized finance aggregator Chibi Finance was exploited by its own deployer account, and $1 million worth of cryptocurrency was drained from its contracts in an apparent rug pull or exit scam. The protocol’s official user interface disappeared, producing a 404 error, and all social media for the app was taken down. After the funds were drained, they were swapped for Wrapped Ether and bridged to Ethereum, where they were afterward sent to Tornado Cash by the attacker.
On June 26, the app was listed on CoinGecko for the first time, giving it greater exposure. It seems to have reached its $1 million goal shortly after this event, right before the tokens were drained from its contracts. As a result, investors lost over $1 million worth of crypto in the attack or scam.The attack exploited a loophole in eight different contracts used in the Chibi Finance protocol. These contracts were forked from other projects and were not unique to Chibi.
This function allows the owner of funds to withdraw without taking rewards. This may be useful in an emergency. For example, a user may want to call this function if a bug in the reward contract causes them not to be able to receive rewards.
The price of the Chibi Finance (CHIBI) governance token fell by over 90% as the news broke.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Breakingviews - 🏆 470. / 51 Read more »
What is Shein? The $100 billion fast-fashion company explained.Shein's rise: How the wildly popular but controversial Chinese brand became the most feared fast-fashion retailer in the world
Source: BusinessInsider - 🏆 729. / 51 Read more »