Team Finance is a platform specializing in the security and automation of crypto projects. In the third quarter of this year, it improved its token lock solution through updates. The platform notably announced that it will not have “no more transaction limits“. She also introducedpartial claims, split locks and reward token contracts“. While everything seemed to be going well for Team Finance, the platform announces a temporary suspension of its activities.
A loss of $14.5 million
The Team Finance platform provides different services in the crypto sector. It offers in particular staking, vesting as well as the locking of crypto and liquidity tokens. It is also a token generator. The platform manages $3 billion secured across 12 blockchains.
Despite the bear market, everything was going pretty well for the Team Finance platform. As proof, towards the end of September, she had announcement : “We work hard to create a secure DeFi ecosystem for all crypto users with minimal risk of hacks and network attacks. To date, over 27,000 projects have been locked“.
But, the Team Finance company is currently facing a sad situation. In effect, the platform was recently attacked by hackers. “Tokens worth $14.5 million were mined as part of the verified migration feature from v2 to v3“, has declared Team Finance this October 27 on Twitter.
Team Finance temporarily on hiatus
To deal with the problem, the crypto platform team has suspended its activities for the time being. She indeed said:We have temporarily paused all activity through Team Finance until we are certain this exploit has been fixed.“.
“Not all funds currently on Team Finance are at additional risk from this exploit“, she added. She clarified that the details of the hack are not yet certain. She reassured users by saying that everything is done to “to analyze and remedy the situation at this very moment“.
Team Finance announced the exploit that its platform suffered, as soon as it was noticed. The crypto platform team was quick to promise the hacker a bounty if he contacted them. She also promised to give more details about the exploit soon.
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