DeFi Liquidity Provider Team Finance Suffers $15.8 Exploit
Main page News, life hack, Token, DeFi
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Oct. 27, 2022

Update. The Team Finance developers said in an official statement that the exploit targeted the audited Uniswap v2 to v3 migration function. According to the document seen by iHodl, the team has started working with "several established security, audit, and blockchain investigation companies to assist with the remediation of this issue."

Team Finance, a decentralized finance (DeFi) protocol aimed at offering liquidity, has suffered a hacker attack, resulting in a loss of $15.8 million in crypto, analysts at PeckShield said in a tweet.

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The experts say the protocol has a flawed function that allowed a bad actor to transfer real UniswapV2 liquidity to his own controlled trading pair on V3 with skewed price, resulting in "huge leftover as the refund for profit."

The team behind Team Finance has urged the exploiter to "get in contact with us for a bounty payment." They added:

"We are working to analyze and remedy the situation at this very moment."

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In total, the hacker ran away with 800 ETH and 6.4 million in DAI. The developers added they had paused all activity through Team Finance until they are certain the exploit has been remedied.

Team Finance is a DeFi tool that provides liquidity locking and team vesting services for token founders and the crypto community.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

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