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Dafi Protocol Suffers Exploit, Loses $200,000

www.altcoinbuzz.io 12 July 2021 10:05, UTC
Reading time: ~3 m

Decentralized finance (DeFi) protocol, DAFI, has suffered an exploit leading to the loss of $200,000 of its native token (DAFI).

DAFI Protocol, via its official Twitter handle, disclosed the exploitation of its ChainSwap Bridge by unknown hackers. As a result of the hack, $200,000 DAFI was stolen, and the token has slumped by 22.8% in the last 24 hours.

Chainswap Bridge Exploit 🚨

We've just found that Chainswap has been compromised. We'd like to urgently request the community to pull liquidity from Uniswap & the LP program until further notice.

To clarify, Super Staking is secure. This is an exploit with Chainswap's bridge.

— DAFI Protocol (@DafiProtocol) July 10, 2021

The incident which took place days after the launch of DAFI Protocol super staking project according to the protocol did not affect the DAFI token contracts and super staking funds.

DAFI noted that it will be performing a buyback on the open market as a way of restoring the growth and stability of the community. Notably, the initiative will transfer value to the community and token holders as well as surge liquidity.

The protocol in its tweet reiterated the project consensus and readiness to get back on track, offering users premium services. It tweeted, “[…] Despite this, in the last month alone we have launched Super Staking and achieved record-breaking value locked within the first week. We will continue to get stronger, this will not slow us down.”

ChainSwap Loses $8 Million in Major Hack

Meanwhile, ChainSwap was drained of $8million by an hacker who exploited a weakness in the DeFi platform smart contract code.

Notably, the hack is the second the cross-chain DeFi platform will be suffering in the last eight days. As a result of the hack several tokens including DAFI, UMB, WILD, ROOM, amongst others have plunged in value.

Reacting to the incident, ChainSwap urged users not to buy its native token (ASAP) until the issue was resolved. The platform also announced the paused of its Ethereum to Binance Smart Chain bridge in a bid to re-secure the platform.

The Chainswap team has frozen the BSC mapping token address to filter out the hackers addresses.

Balances might temporarily show 0 until we are done filtering.

Smart contract is affected, not the wallets that interacted with Chainswap. Funds from individual wallets are safe

— ChainSwap ($ASAP) (@chain_swap) July 11, 2021

Recall, that on July 2, a hacker also exploited ChainSwap protocol which led to the loss of about $800,000. Currently, most projects affected by the hack has instructed token holders to avoid trading tokens, while others have disclosed that it will no longer rely on ChainSwap for token bridging.

DAFI Price

DAFI Protocol (DAFI) as a result of the exploit is now recovering, currently at a price of $0.01862720 – up 4.9% over the last 24 hours. The token is currently 91.7% off its all-time high of $0.207531 which was hit on March 19, 2021.

According to CoinGecko, it has a 24-hour trading volume of $473,311, and a market cap of $6,182,210.

However, Chainswap (ASAP) has now recovered to $0.243785, up 18.9% over the last 24 hours. The token has a 24-hour trading volume of $125,353, and a market cap of $1,462,897.

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