Crypto Vesting Platform Team Finance Loses $14.5M in Bug Exploit

With “Hacktober” ending in a few days, yet another crypto platform has been added to the list of crypto protocols that have lost millions of dollars worth of digital assets to hackers this month. 

Earlier today, cryptocurrency vesting platform Team Finance announced it had become the latest victim after losing $14.5 million to a bug exploit. The platform added that the attackers stole the digital assets through its recently audited v2 to v3 migration function. 

Team Finance Ready to Offer Bounty to the Hackers

Team Finance has temporarily suspended all activities on the platform to prevent further attacks. The project is now hoping that the hackers will get in touch to discuss a bounty payment and refund the stolen funds.

“We have just been alerted of an exploit on Team Finance. We are currently unsure of the details. We urge the exploiter to get in contact with us for a bounty payment. We are working to analyze and remedy the situation at this very moment. More details to follow,” the platform said. 

Team Finance describes itself as “the industry leader in project security and automation.” The platform offers several token vesting services, including token locks, liquidity locks, token generation, and vesting schedules.

Hacktober: Over $700M Lost So Far

Team Finance’s $14.5 million exploit adds to over $700 million that has been lost to cyber attacks this month alone. The first two weeks of October saw the most hacks as several decentralized finance (DeFi) platforms lost significant amounts in 11 different exploits.

The attacks started with decentralized exchange (DEX) Transit Swap losing nearly $23 million after a bug in its code was exploited. Although the project retrieved a large chunk of the stolen funds after intense negotiations, most of the hacked platforms were not lucky enough to get a refund from their attackers. 

On October 6, hackers exploited BNB Chain, one of the largest blockchain networks, siphoning millions of dollars worth of crypto assets. A few days later, DeFi derivatives platform Mango Markets lost over $100 million through an oracle price manipulation. 

Last week, crypto wallet provider BitKeep Wallet lost $1 million worth of assets after an attacker exploited a vulnerability in the platform’s swap feature.