- Today, reports are coming of a hack on the TempleDAO yield farming protocol.
- The warning emerged from blockchain security company PeckShield on October 11.
According to the report, the hacker has withdrawn almost 1,831 ETH, whose value is about $2.34 million, from the protocol. At this time, the details of the hack are scarce, but the hack seems to have indulged STAX and FRAX, which were part of its staking vaults. In line with the Paladin Blockchain Security, the liquidity giver smart contract for STAX was hacked, which eventually caused a massive loss.
The loss of $2.3 million was balked by the amount swiped from the Solana-based Mango Markets DeFi subordinate platform after a few hours.
On October 12, Mango Markets stated that it had experienced a hack because of a hacker had influenced an oracle price and swiped liquidity. Almost $100 million seems to have been swiped in the hack.
What basically happened was a self-funded economic exploit with the hacker filling up an account with almost $5.5 million USDC. They then utilized this to drop out an everlasting futures contract for the MNGO token and traded against it. This influenced the value of MNGO higher, permitting the hacker to swipe up Mango treasury loans and take the liquidity before it collapsed.
Blockchain security company OtterSec was among the first to report and describe the hack, which did not include flash loans.
We’re continuing to investigate the recent Mango Markets hack.
Let’s clear up some misinformation.
— OtterSec (@osec_io) October 12, 2022
The hacker has since offered a Mango DAO governance offer that all bad debts be paid from the $70 million treasury for a refund of the stolen tokens and a reward for the violator.
MNGO token prices have slipped almost 50% from the hack, and there is slight liquidity left in the protocol to resolve amazing derivative contracts.
Three consecutive attacks
At the same time, the third attack that happened on the last day was a bridge hack on the QANplatform.
On October 11, almost $1 million was taken off from the quantum-resistant layer-1 blockchain resulting in its QANX token price to crash.
About half of the protocol’s token supply of 3.3 billion was lifted up in this recent bridge hack. The three exploits were unveiled in less than a week after BNB Chain was swiped for almost $500 million, pressurizing the company to suspend the network.
Source: https://www.thecoinrepublic.com/2022/10/12/temple-dao-and-mangomarkets-lost-millions-in-hack/