More than 30 million US dollars have apparently been stolen from he decentralized finance (DeFi) protocol Grim Finance. The theft was a result of hackers exploiting a vulnerability in the platform.
The company announced an “advanced hack” on Twitter, where hackers exploited the platform’s vault contract protocol through five reentrancy loops. That apparently allowed them to fake five more deposits into the vault while the DeFi platform was still processing the first deposit.
The company advised all its users to withdraw their money immediately. “We have paused all of the vaults to prevent any future funds from being placed at risk, please withdraw all of your funds immediately” they announced.
Source
At this point these hacks and thefts have all but become the norm in the industry and it should not be this way.
The company announced an “advanced hack” on Twitter, where hackers exploited the platform’s vault contract protocol through five reentrancy loops. That apparently allowed them to fake five more deposits into the vault while the DeFi platform was still processing the first deposit.
The company advised all its users to withdraw their money immediately. “We have paused all of the vaults to prevent any future funds from being placed at risk, please withdraw all of your funds immediately” they announced.
Source
At this point these hacks and thefts have all but become the norm in the industry and it should not be this way.