Hackers Attack Elephant Money DeFi Platform, Steal Over $11M

$1.23 billion has been stolen or hacked across the crypto ecosystem during Q1 of 2022. That is up almost 700% from $154 million in losses in Q1 of 2021. Elephant Money, the DeFi protocol behind the ELEPHANT token, has said hackers have stolen $11.2 million worth of Binance Coin, a report said. The company was reportedly facing an “automated attack” on its treasury. In a Medium post, the company founder said they’re addressing the issue in partnership with CertiK, a blockchain security company, and DeFi insurance protocol InsurAce. “It took a significant amount of capital to bust through the system’s defenses. Over $261M in volume,” the founder said. “Every time bad actors win it hurts the entire space. There are prominent teams that were aware of weaknesses and stood by and did nothing at your expense. Even after I and other community members asked them to disclose.” Blockchain security companies took to Twitter to talk about the attack, saying it was a “traditional price manipulation attack,” in which the attackers borrowed wrapped Binance Coin in a flash loan and traded it for thousands of ELEPHANT tokens.

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