DeFi exploit season: TempleDAO and MangoMarkets lose millions of attacks

This morning reports emerged of an attack on TempleDAO’s crop cultivation protocol. The alert came from blockchain security firm PeckShield on October 11 and stated that the attacker had transferred 1,831 ETH worth about $2.34 million from the protocol.

Details are poor on the ground at the moment, but the vulnerability appears to have involved STAX and FRAX, which were part of their stake vault. The liquidity provider’s STAX smart contract has been exploited, leading to losses, according to Paladin Blockchain Security.

Newborn mango market

The $2.3 million loss exceeded the amount stolen from the Solana-based Mango Markets DeFi derivatives platform a few hours later.

On October 12, Mango Markets reported that it suffered a vulnerability due to an attacker’s manipulation of Oracle’s price and a drain on liquidity. It appears that up to $100 million was stolen in the hack.

What really happened was a self-financed financial attack in which the developer charged an account of $5.5 million. They then used this to sign a perpetual futures contract for the MNGO token and traded against it. This manipulated the price of MNGO higher, allowing the attacker to take Mango Credits and drain liquidity before it collapsed.

Blockchain security firm OtterSec was one of the first to report and explain this exploit, which did not include quick loans.

Since then, the attacker opened Mango DAO management’s proposal that all bad debts from the treasury of $70 million be paid to recover the stolen tokens and reward the offender.

The price of the MNGO token has fallen by nearly 50% since the attack, leaving little liquidity in the protocol to settle existing derivative contracts.

QAN hacking

The third attack in the past 24 hours was a bridge vulnerability on the QAN platform. As I mentioned encrypted potato On October 11, about $1 million was stolen from the Quantum Resistant Layer 1 blockchain, causing the price of the QANX token to crash.

Almost half of the protocol’s 3.3 billion token supply was stolen in the latest bridge attack.

The three exploits come less than a week after BNB Chain drained as much as $500 million, forcing the company to freeze the network.

Next season DeFi Exploit: TempleDAO and MangoMarkets Lose Millions in Attacks debuted on CryptoPotato.

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