The latest exploit against crypto platform Team Finance — which lost some $14.5 million of various tokens — occurred despite a number of recent security audits, according to the company. The Ethereum-based project said Thursday that it had been exploited via its audited Uniswap V2 to V3 migration function. The project later said those audits had been conducted by a “reputable” firm. Team Finance, a smart contract vault for vesting liquidity and tokens, said the exploit was not related to any specific upgrade and advised users that all other assets have been secured — after it paused all operations within an hour of the breach. A spokesperson for the company declined to identify the firm involved, adding that a number of security auditing companies had been involved over the years, including one that supposedly had signed off on smart contract code that was exploited Thursday. Typically, DeFi projects and protocols opt for several firms to review their code to reduce the odds of a single point of failure. Since the project’s inception two years ago, one Estonia-based firm, Hacken, has been responsible for 80% of Team Finance’s audits, according to several documents obtained by Blockworks.
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