Team Finance loses $14.5M to smart contract bug exploit


Team Finance, a web3 infrastructure platform that allows companies to secure their tokens, was hacked, resulting in the loss of $14.5 million worth of assets on October 27, the company tweeted.

Blockchain analytics and security firm PeckShield estimates that hackers stole $15.8 million worth of cryptocurrency.

Team Finance said in a Twitter thread that the attackers exploited a previously audited flawed V2 to V3 migration feature.

Hackers launched their attack using 1.76 Ethereum (ETH) tokens drawn from FixedFloat.Attacker holds the entire loot Park in a single walletThe total loss includes 880 ETH and 6.4 million DAI tokens, according to PeckShield.

Team Finance, a TrustSwap product, assured users that their remaining funds on the platform were not compromised by the same hackers.

However, platforms that “do not know the details” of the attack have halted all activity until all vulnerabilities are fixed. Team Finance also urged the hackers to contact the team about bounty payments.

According to DeFiLlama, Team Finance’s Total Locked Value (TVL) plummeted from $147.03 million to $128.39 million after the attack. data.

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