The WOOFi DeFi project has been compromised, resulting in a loss of $8.7 million due to a flash loan exploit, and is now offering a bounty to identify the hacker.
In Brief
In a recent incident, WOOFi experienced a hack that exploited a vulnerability related to flash loans, leading to a loss of $8.75 million. They are now providing a whitehat bounty of 10% to track down the responsible party.
The decentralized exchange (DEX) platform WOOFi was recently compromised in a flash loan attack that resulted in a staggering loss of $8.75 million. Investigations are currently ongoing, and as a precautionary measure, the team has halted all activity within the affected liquidity pools.
This cross-chain DeFi protocol, which facilitates token swaps and staking across 11 different blockchains, was infiltrated due to a flaw in one of its oracles. The hacker took advantage of low liquidity to sell WOO tokens at artificially inflated prices repeatedly, ultimately siphoning off about $8.75 million (equivalent to roughly 2,000 ETH). Arbitrum Upon discovering the attack, the WOOFi team swiftly suspended its smart contracts and launched a thorough investigation. They have assured users that their assets in the Earn vaults, WOOFi stake, and other contracts remain secure while the investigation unfolds.
Despite the quick reaction from the WOOFi team, their native token, WOO, fell by 9.6% and was trading at $0.518 at the time of the breach. Moreover, the total value locked (TVL) within WOOFi's pools dropped dramatically from $53.36 million to $44.3 million in just a span of 24 hours.
To prevent any additional risks, WOOFi cautioned users about impersonators trying to trick them into sharing private information. These scammers are posing as official WOOFi accounts and trying to redirect users to malicious sites.
While we are updating the contract and organizing further audits, the WOOFi Pro, Stake, and Earn services will remain operational and unaffected. Users who wish to withdraw their deposits from WOOFi Earn can continue to do so without issues. phishing links to protect their funds.
experts (interested parties can reach out to WOOFi at security The project is determined to fix the vulnerabilities within its
and plans to re-launch WOOFi Swap in the next two weeks. smart contracts WOOFi expressed genuine gratitude to all individuals and organizations that offered their support during this challenging period. Despite facing this setback, the platform is committed to bolstering security measures to avert future incidents, aiming to maintain the trust of its users.
, it is essential to mention that the information provided on this page does not constitute legal, tax, investment, financial, or any other type of advice. It’s important to only invest what you can afford to lose and to seek independent financial counsel if you are uncertain. For more insight, we recommend reviewing the terms and conditions, as well as the help and support sections provided by the issuer or advertiser. MetaversePost strives for accurate and unbiased reporting, though market conditions can change without prior notice.
Disclaimer
In line with the Trust Project guidelines Victor serves as the Managing Tech Editor/Writer at Metaverse Post where he delves into subjects like artificial intelligence, cryptocurrency, data science, the metaverse, and cybersecurity in the enterprise sector. With five years in media and AI, he has held roles at notable media platforms such as VentureBeat, DatatechVibe, and Analytics India Magazine. Additionally, he acts as a Media Mentor at prestigious institutions such as Oxford and USC, and holds a Master's degree in data science and analytics, demonstrating his commitment to staying at the forefront of emerging trends.
