Saturday, December 3, 2022
HomeDeFiScam Alert: DeFi Protocol Temple DAO faces $2.3M hack

Scam Alert: DeFi Protocol Temple DAO faces $2.3M hack

On 11 October, the number of claims found on Twitter, a hack worth $2.3 million has been exploited in Temple DAO, which is a system for decentralised finance (DeFi) that provides users with payouts on deposits.

Twitter user spreekaway was the first individual to detect the suspected attack. The user uploaded an on-chain transaction that was subsequently validated by blockchain security company PeckShield.

Temple DAO is the most recent implementation of the DeFi protocol to be compromised by an attack or hack. A hacker caused Transit Swap to suffer a loss of $28.9 million only a few weeks after the cryptocurrency market manufacturer Wintermute had $160 million stolen from its DeFi firm.

According to Defi Llama, the total value of the funds that have been locked up in Temple DAO is now $56.93 million, and the exploit accounts for around 4% of the protocol’s holdings. The exploiter has changed all of the fund into Ethereum and moved 2.34 million dollars to a new wallet.

Another security company, BlockSec, found that the fundamental flaw that allowed the attack to take place was that there was inadequate access control to the migrateStake function, which is a function of the smart contract underlying the protocol.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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