Decentralized financial service (De-Fi) Team Finance confirmed on October 27 that hackers exploited a vulnerability and stole $14.5 million worth of cryptocurrencies.
According to Team Finance, the tokens were stolen using the migration from version 2 to version 3. The company has temporarily suspended all its activities until the vulnerability is fixed. All funds currently in Team Finance are not at risk.
Team Finance bills itself as “a set of security tools for creators who want to create a token and raise money from the investor community.” Since its founding in 2020, the platform has claimed $3 billion worth of cryptocurrencies across 12 different blockchains, according to the platform.
Due to the growing backlash against the platform online, Team Finance tweeted that it "deeply regrets" the incident. The company also stated that it conducts several audits of each smart contract. According to some blockchain security companies, the vulnerability stems from a problem in the Team Finance code.
Comments 0