DeFi Project Force DAO Attacked After Launch

On Sunday, April 4, the DeFi protocol Force DAO reported a hacker attack a few hours after launch. The FORCE token shed 90% of its value.

According to the developers, the attackers exploited a vulnerability in the smart contract. The team estimated the damage at 183 ETH (~$367,000).

1/We take responsibility for this engineering oversight and have begun processes to ensure any such incidents are mitigated in the future.

All funds on our platform are safe, only xFORCE was affected.

A total of 183 ETH (~$367K) worth of FORCE were drained and liquidated.

— Force (@force_dao) April 4, 2021

The Block researcher Igor Igamberdiev reported that one of the hackers returned 15.8 million FORCE.

2/5

There were three hackers.

One whitehat who first found the bug and saved 15.8M FORCE ($9.6M). pic.twitter.com/kCbSnuoeKp

— Igor Igamberdiev (@FrankResearcher) April 4, 2021

Another attacker managed to withdraw 298,000 FORCE and swap them for 42 ETH (~$85,000 at the time of writing). A third stole 4.1 million FORCE, obtaining 80 ETH (~$16,000).

4/5

Another blackhat who was later than everyone else and pulled out 4.1M FORCE, earning 80 ETH ($163k) because of low liquidity, and funded from FTX. pic.twitter.com/UHRoockhyG

— Igor Igamberdiev (@FrankResearcher) April 4, 2021

Force DAO acknowledged that the attack could have been prevented. In the words of the project’s lead developer Alberto Sevallos, in the coming days the team will announce a plan to reimburse affected users.

According to CoinGecko, the FORCE token traded at $2.21 before the attack. At the time of writing its price had fallen to $0.08.

Earlier in February 2021, hackers hacked DeFi-проект Furucombo. The damage amounted to about $14 million in Ethereum and ERC-20 tokens.

Subscribe to ForkLog’s news on VK!