The Chibi Finance $1 million alleged rug pull shouldn’t have been possible. Here’s how the attacker got away with it.
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.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Liquid Staking Defi Platforms Now Secure Over 10 Million Ethereum Worth Close to $20B – Defi Bitcoin NewsBased on recent data, over ten million ethereum is now secured within ETH-based liquid staking derivatives platforms.
Leer más »
Scam Alert: Do Not Try to Stake Your CrvUSD With 60% APRMalefactors created copy of blue-chip DeFi protocol Curve Finance (CRV) and are targeting your stablecoin riches
Leer más »
EU green finance standard may play second fiddleSustainability-minded investors are flocking to climate disclosure plans set out by the ISSB, an accounting standards body. They already cover less than tough EU goals. Brussels believes its regulatory might will make its standards the norm, but global finance may well not.
Leer más »
Why Americans have slowed charitable donations: religion, GoFundMeAmericans' donations to charity are at a 28-year low. Blame inflation, the rise of crowdfunding, and the decline of religion.
Leer más »
Prompt guide: How to use ChatGPTInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Leer más »
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
Leer más »