Cryptocurrency News

ForceDAO Hacked On The Day Of Its Launch

Crypto hackers and scammers continue to tarnish the Blockchain space’s progress, as a result of this stunting the rapid adoption of the space. The actions of these scammers, who have continued to innovate different means of perpetuating their evil acts, have continued to be criticized by many crypto analysts and admirers within the space. Unfortunately, these hackers have now found a new home in the young DeFi space, as ForceDAO becomes their latest victim. The DeFi aggregator has reportedly announced that it was attacked by five scammers on its launch date, much to their investors’ dismay.

One of the hackers had informed ForceDAO on time to avert more losses

The attack on many DeFi protocols and Blockchain networks in the past does not have any similarity with that of ForceDAO, which was attacked few hours after it launched. The five hackers who attacked the Ethereum-based yield aggregator made away with 183 Ethereum tokens reportedly worth $376,000 in today’s prices. However, the DeFi protocols developers have now released an official statement yesterday, thanking everyone who had provided any form of assistance during and after the attack two days ago.

The ForceDAO team also has accepted responsibility for the attack, believing that had they put proper protocols in place, the attack would not have occurred. The protocol also thanked one of the hackers, who was believed to be a white-hat hacker, who had quickly informed them of the attack. In the DeFi protocol announcement, they confirmed that they had made a 60 million FORCE tokens transfer to an address of a deployer.

The deployer will now have to use the funds to burn the stolen tokens in the hackers’ wallets. The ForceDAO protocol team, in their post-mortem explanation, confirmed that they have plans in place to arrest the hackers and collect their valuables back from them.

The developers are ready to re-launch the project

The recent attack on ForceDAO had continued to be debated by many analysts, who believe that the protocol had created an opening on their security protocols, which had now being exploited by the attackers. This opening enabled the hackers to mint xForce tokens, which were converted to Ethereum tokens on another platform before being withdrawn from the platform.

However, like ForceDAO, many analysts believe that this attack could have been prevented if proper security protocols were installed before the launch. However, ForceDAO has also confirmed that the attackers are currently being investigated, despite their anonymity. The attackers’ wallets have been traced to Binance, and the ForceDAO team believes that it will only take a few days before their identity is revealed.

However, the ForceDAO team has now confirmed that the project will confirm a new launch date to its users, as they are now ready to put the ugly incident behind their back. Unfortunately, the incident has also been responsible for the crash in prices of the FORCE tokens currently trading at a paltry $0.05, from the $2 it was trading barely 24hours ago.

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