Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home General News

TempleDAO Was Exploited For A Total Value Of $2.3M

James by James
October 11, 2022
in General News
Reading Time: 2 mins read
A A
0
TempleDAO Was Exploited For A Total Value Of $2.3M
Share on FacebookShare on Twitter
ADVERTISEMENT

According to data from Etherscan, this morning a malicious exploit on one of TempleDAO’s staking vaults stole 1,830 ETH, or about $2.3 million at the time. TempleDAO is a protocol that promises to provide sustainable income via staking.

The TempleDAO CORE vaults, which store more than $100 million in stablecoins, are safe, a contributor said in the project’s Discord channel, and “the exploiter can do no further harm.”

All affected users will be provided with “remediations,” the contributor wrote.

The Etherscan blockchain explorer shows that at around 9:11 AM EDT on October 11, someone withdrew funds from the project’s STAX staking vault. Announcing the withdrawal in the TempleDAO Discord, the team stated that “exactly 1,418,303 TEMPLE and 1,362,438 FRAX” were sent out.

You May AlsoLike

How To Generate Passive Income With Index Funds And ETFs

How To Generate Passive Income With Index Funds And ETFs

September 19, 2023
Singapore Has Banned The Founders Of Three Arrows Capital From Trading For 9 years

Singapore Has Banned The Founders Of Three Arrows Capital From Trading For 9 years

September 14, 2023

When purchased with the stable cryptocurrency FRAX, TEMPLE tokens can be used to enter the Temple. An associated Binance account sent the exploiting wallet address’s initial funding. It was given 1.1 ETH about an hour and a half before the exploit took place.

TempleDAO Was Exploited For A Total Value Of $2.3M
TempleDAO Was Exploited For A Total Value Of $2.3M 7

Multiple code exploits over the past year have raised serious concerns about the security of smart contracts and cross-chain bridges. Two million dollars were taken from the WANplatform cross-chain bridge by a hacker not too long ago.

According to a tweet by blockchain security firm Paladin, the exploit used in the TempleDAO hack was not related to a bridge vulnerability in the smart contract.

Users were able to take advantage of this vulnerability because of “several malpractices” in a staking function that allowed them to move staked tokens from an earlier contract. The attacker used a spoofed address to trigger this function, allowing them to siphon off the vault’s contents in favor of themselves rather than the new contract.

Among “the most trivial exploits at scale in a while,” Paladin called it. The exploited contract went live more than a hundred days ago, and the flaw has been there ever since.

For a short time after the staking vault theft, the TempleDAO token dropped in value by 20% for a short time. The exploiter caused this market drop by trading TEMPLE for FRAX, the most liquid pool (lowest slippage) at the time, as shown by Dexscreener.

Tags: crypto exploitcrypto hackcrypto hackerTempleDAO
Share76Tweet47
ADVERTISEMENT
Previous Post

Europe Enforces a Blanket Ban on all Crypto Operations with Russian Entities

Next Post

Breaking: Google partners with Coinbase to enable crypto payments with cloud services

James

James

James is a 33-year-old cryptocurrency enthusiast who has been involved in the industry since 2017. He has always been a keen follower of the crypto space and has experience in trading and mining cryptocurrencies. Since then, James has also written numerous articles on the subject and is passionate about sharing his knowledge and insights with others.

Related Posts

How To Generate Passive Income With Index Funds And ETFs
General News

How To Generate Passive Income With Index Funds And ETFs

September 19, 2023
Singapore Has Banned The Founders Of Three Arrows Capital From Trading For 9 years
General News

Singapore Has Banned The Founders Of Three Arrows Capital From Trading For 9 years

September 14, 2023
Check Out These 7 Major Crypto Token Unlocks This Week
General News

Check Out These 7 Major Crypto Token Unlocks This Week

September 11, 2023
BitGo And A South Korean Banking Giant Partner To Make Cryptocurrency More Accessible
General News

BitGo And A South Korean Banking Giant Partner To Make Cryptocurrency More Accessible

September 5, 2023
US SEC Postpones All 7 Bitcoin ETF Applications; What Next?
Bitcoin News

US SEC Postpones All 7 Bitcoin ETF Applications; What Next?

September 1, 2023
Crypto Peer-to-Peer (P2P) Scams In India Highlight Urgent Need For Digital Asset Education
General News

Crypto Peer-to-Peer (P2P) Scams In India Highlight Urgent Need For Digital Asset Education

September 1, 2023
Next Post
Breaking: Google partners with Coinbase to enable crypto payments with cloud services

Breaking: Google partners with Coinbase to enable crypto payments with cloud services

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    200 shares
    Share 80 Tweet 50
  • Shiba Inu (SHIB) Records 5% Jump as Shibarium Pessimism Fades Away

    194 shares
    Share 78 Tweet 49
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • Grayscale vs. SEC Decision Boosts XRP

    194 shares
    Share 78 Tweet 49
  • DogeCoin Soars With Elon Musk’s Latest Move

    194 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.