WOOFi launches 10% whitehat bounty following $8.5m exploit of its Arbitrum contact

2 Min Read

The WOOFi improvement crew has acknowledged an exploit of its swap contract on Arbitrum whereas assuring customers that each one different WOO contracts stay secure.

WOOFi’s sensible contract for swapping tokens on Arbitrum WooPPV2 suffered an exploit, leading to a lack of $8.5 million price of crypto, in keeping with Cyvers Alerts. Analysts revealed in an X post on Mar. 6 that the hacker funded its operation via a Tornado Cash-related deal with in Ethereum (ETH) to cowl transactional prices.

Evaluation executed by the agency additionally revealed that the hacker has already distributed stolen funds to completely different externally owned accounts on different blockchains utilizing cross-chain bridges. Whereas the precise nature of the hack stays undisclosed, the WOOFi crew said in a follow-up replace that each one different WOO contracts are safe.

The WOOFi crew has introduced a ten% whitehat bounty for the person liable for the exploit. Moreover, a bounty has been introduced for any info resulting in the identification of the attacker, though the scale of the bounty was not specified.

Launched in November 2021, WOOFi is a decentralized change that provides each swapping companies and buying and selling actions via two completely different merchandise. Following the information, WOOFi’s native token WOO skilled an almost 8% plunge to $0.5, in keeping with CoinMarketCap.

Follow Us on Google News

Source link

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *