Technology

Crypto Hacker Simply Burns $1M In Stolen Funds

Typically, crypto hacks are straightforward enough: find a vulnerability in a project or its code, exploit it, and profit. Last week, a hacker somehow screwed up the third step and after swiping $1 million worth of crypto left it permanently inaccessible.The target was ZEED DeFi protocol, which runs on the Binance Smart Chain and describes itself as “an autonomous decentralized financial integrated ecosystem,” through its YEED token used in lending agreements. The attacker exploited a loophole in YEED’s token contract that allowed them to extract extra tokens rewarded to YEED liquidity providers, as DeFi security firm BlockSec explained on Twitter. After using this exploit, they sold their outsized rewards and consequently crashed YEED’s price to zero.

Full story : Crypto Hacker Simply Burns $1M In Stolen Funds.

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