Defi Grim Finance users lost $30 million in an exploit
Fraudsters stole $30 million in cryptocurrency from the decentralized project Grim Finance. This was reported by the developers of the platform on Twitter. All wallets and deposits of users were under threat.
Hackers hacked the wallet using a malicious contract and a "re-entry exploit." According to Grim Finance, the attacker ran five re-entry cycles. While the platform was processing the first request, the hacker forged five additional deposits into the wallet.
The attackers transferred about $30 million in Fantom tokens (FTM) to third-party accounts. Most of the funds were redirected to other decentralized exchanges on the Fantom blockchain - AnySwap and SpookySwap. The fraudsters then exchanged the stolen tokens for USDC Stablecoin.
The project developers froze all wallets to prevent further losses.
