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TempleDAO was hit with an exploit that cost it approximately $2.3 million in crypto tokens. Project claimed that it would provide “remediations” to all users affected.

TempleDAO is a protocol that claims to provide sustainable income through staking. A malicious exploit was discovered this morning in one of its vaults for 1,830 Ethereum, approximately $2.3 million at the moment, according to data from Etherscan.

In the Discord channel, a TempleDAO contributor stated that CORE vaults that hold more than $100 million in stablecoins are unaffected. “The exploiter cannot do any further harm.”

The contributor stated that “Remediations are being made for all affected users.”

Data from Etherscan indicates that a withdrawal from the project’s STAX staking vault occurred at approximately 9:11 AM EST on October 11. According to an announcement in the TempleDAO Discord, the withdrawal was “precisely 1418,303 TEMPLE” and 1,362,438 FRAS.

The TEMPLE tokens were used to purchase the stablecoin FRAX. Binance linked the address to the address, which gave the initial funds to the exploited wallet address. About an hour and a quarter before the exploit took place, it received 1.1 ETH.

Cross-chain bridge and smart contract vulnerabilities have been a major concern due to multiple code exploits in the last year.

An unknown hacker stole $2 million from WANplatform’s cross-chain bridge.

The TempleDAO hack was related to a nonbridge-related smart contract exploit. Blockchain security firm Paladin tweeted.

This exploit was caused by “several malpractices” in one of the staking functions, which allowed users to migrate staked tokens to an older contract.ct. This function was called by the exploiter with a fake address. They were able to withdraw all funds from the vault to their own account instead of using the new contract.

Paladisaid the exploit was “one of the most trivial exploits on scale in a long time”.”. The vulnerability has been known since the exploit was deployed.

After the staking vault theft, the TempleDAO token dropped 20% for a brief period. This market drop was caused by the exploiter trading TEMPLE for FRAX. According to Dexscreener, this pool had the highest liquidity (lowest slippage).

The post Another Day Another Hack. Temple DAO Hacked for $2.3 Million first appeared on The Daily Encrypt.



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Angie Byrd