The bear market that has prevailed in the crypto market since last spring has severely affected the sector. Many companies in the value chain have suffered the full brunt of the situation, but that’s not all. They face an upsurge in piracy, with billions of dollars in damage. It must be said that October was a particularly bloody month for blockchain companies. A new act of piracy is at the heart of the news.
Millions of tokens won
The latest victim of crypto protocol attacks is FriesDAO. It is a decentralized autonomous organization, based on Ethereum, which works to acquire fast food companies. A unique concept that receives a lot of attention from the members of the ecosystem.
According to details provided by the Web3 and blockchain security company Certik, the hackers first attacked the DAO deployment wallet and transferred a large volume of the native DAO token, (the FRIES) to a wallet. distinct. They then sucked up a significant number of tokens from a staking pool owned by the crypto entity.
The CAD Explain that the tokens were traded for $2.3 million in USDC. A marginal amount, compared to the last attacks.
A security issue that has already plagued a crypto business
Certik blames the attack on the low level of security of the crypto wallet generation tool, Profanity. For information, it is on Profanity that the DAO hosts its wallets. A few weeks ago, analysts at decentralized exchange aggregator 1inch, discovered a major flaw in Profanity’s security system.
Wintermute, which also uses Profanity, would have been the victim of this same security flaw. It also cost him $160 million.
“We could have avoided the FriesDAO attack. The public has known about the Profanity vulnerability for over a month. We call on all Web3 projects that have used the Profanity tool to immediately transfer control of all assets held in affected wallets to securely generated addresses”suggested Certik.
2022 is already considered one of the bloodiest years for crypto businesses. The damage resulting from the numerous attacks amounts to more than 3 billion dollars. October is the month with the most attacks so far. FriesDAO, which has just suffered an attack, invites the authors to get in touch with it, in order to conduct negotiations.
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