Team Finance exploited for $14.5M during protocol migration despite contract audit
On Oct. 27, decentralized finance (DeFi) lockup protocol Workforce Finance said that over $14.5 million price of tokens have been exploited by way of the Uniswap v2 to v3 migration operate on its platform. As told by blockchain safety agency PeckShield, the hacker transferred liquidity from Uniswap v2 belongings on Workforce Finance to an attacker-controlled v3 pair with skewed pricing. By locking tokens to the contract, the attacker bypassed present validation mechanisms and pocketed the massive leftovers as a refund for revenue.
Uniswap v3 was designed with higher effectivity for liquidity suppliers (LP) than v2 on its decentralized change. Nonetheless, v2 good contracts are nonetheless operational, and customers should work together with a migration good contract emigrate their LP belongings from v2 to v3. PeckShield estimated that the preliminary assault vector required for this interplay price simply 1.76 Ether (ETH).
Drained belongings embrace USD Coin (USDC), CAW, TSUKA and KNDA tokens, because the liquidity swimming pools have been “moved” to Uniswap v3. On the decentralized change, among the affected tokens, comparable to CAW, suffered steep worth declines as a result of exploit and subsequent liquidity crunch.
Workforce Finance stated that the good contract had been beforehand audited and urged the hacker to “get involved with us for a bounty fee.” In consequence, builders have quickly paused all exercise on the protocol and declare that every one funds on the platform are usually not susceptible to an extra exploit. Based in 2020, Workforce Finance and its mum or dad agency, TrustSwap, present token liquidity locking and vesting companies for mission executives. The protocol claims to have $3 billion secured throughout 12 blockchains.
With vesting intervals longer than Liz Truss’ employment historical past… https://t.co/1Wo6RwqsFg can maintain you safer than the British financial system this winter!
Lock your tokens right now and maintain the Truss away. pic.twitter.com/QYPhjg7HQo
— Workforce Finance (@TeamFinance_) October 21, 2022
