Between the fall of the crypto markets and the DeFi exploits, developers no longer know where to turn. As the markets struggle to regain their former value, exploits are linked on blockchains and crypto exchange platforms. This time, it’s Skyward Finance’s turn to bear the brunt of these malicious people, and the result is not favorable.
Contractual exploit empties Skyward Finance treasury
Hacks are happening in the cryptocurrency markets. Despite all the precautions and security deployed in the sector, some people still manage to outsmart the system. Today the official Skyward Finance Twitter account has announcement that the platform was the victim of a contractual exploit. The latter emptied the Treasury, at the same time rendering the Treasure of the Skyward token worthless.
According to the information, the hacker withdrew a significant number of Near tokens in a single transaction. While the news seems dire for community members, there may still be more good news for customers. According to the Skyward team, the exploit does not affect current and previous token sales in any way. As a result, consumers have nothing to fear if they host or participate in a sale on Skyward.
Indeed, they can withdraw their products and funds whenever they wish. But since the contracts are locked, no one can prevent or interrupt future issues with the Skyward token. The team therefore recommends that the community no longer interact with Skyward and that users withdraw their funds safely as soon as possible.
Exploits within the DeFi ecosystem seem to have no limits anymore. We are seeing more and more hacks this year. However, October somehow represents the apotheosis. According to blockchain analysis firm Chainalysis, October is the highest month ever for hacking activity.
This year, hackers attacked several protocols. Among others, the DeFi exchange Mango Markets, which saw the value of its token drop by 52%. TempleDAO also paid the price. As a result, Skyward Finance’s contractual feat just joins a long list of packages that now never end.
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