The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Analysis

Bondly Finance Exploited for Millions in Potential Rug Pull

by Miki 07/17/2021
by Miki 07/17/2021 0 comment

Key Takeaways

  • Bondly Finance, a well-known DeFi and NFT project, was exploited today by “an unknown party,” the team said.
  • After the liquidity pools were exploited, the attacker minted 373 million BONDLY to sell on the open market, leading to an 82% price crash.
  • While team claims to be investigating the incident, it is suspected the attack may have been an insider job.

NFT project Bondly Finance was exploited today due to a token-minting attack from a still-unknown assailant.

Attacker Mints 373 million BONDLY tokens

Bondly Finance has suffered an attack.

🚨Attention Bondly Community:

Unfortunately we have been compromised by an unknown party

We would like to take this time to advise you to STOP TRADING $BONDLY

Rest assure we have already taken action and will be operating as usual ASAP

Stay tuned for more updates

— Bondly (@BondlyFinance) July 15, 2021

The DeFi and NFT project was exploited today by “an unknown party,” the team said. The incident is only the latest in a series of major exploits that have hit the DeFi sector this year.

During the attack, someone minted 373 million BONDLY tokens and sold off the inflated supply in the liquidity pools, leading to a price crash.

In the official Bondly Finance Telegram group, the team has confirmed the protocol exploit and told the community that it is still investigating the matter. It also advised everyone to stop trading the token.

The Ethereum address associated with the exploit has been funneling funds through various decentralized exchanges. They’ve also used Tornado.Cash to move $100,000 worth of DAI multiple times over. At the time of writing, the address contains about $1.45 million, though the total gains come closer to $7.5 million.

While the team claims to be investigating the incident, some suspect that the attack may have been an inside job, otherwise known as a “rug pull” in the crypto community.

Source: PeckShield

According to analysis from PeckShield, a blockchain security firm, the illegitimately minted BONDLY tokens that the attacker received came from Bondly’s owner address through an owner transfer operation. Discussing the possibility of a rug pull, Xuxian Jiang, founder and CEO of PeckShield, told Crypto Briefing:

“It is potentially a rug pull as the owner (0x58a058ca4b1b2b183077e830bc929b5eb0d3330c) pulls the trigger in transferring out 373M $BONDLY to sell.”

If not an insider job, the other possibility is that the owner’s private key was leaked, Jiang added.

Sam Kim, founder of Umbrella Network, a decentralized Layer-2 oracle network, also pointed to the private key hack.  “Despite these reports, it seems rather unlikely that a public (not anonymous) project like Bondly would rug pull for less than $10 million. The risk and costs are too high. A compromise of their private key seems like the most likely culprit for this attack.” Kim said.

The attack has led to a massive decline in the price of BONDLY tokens. Since the incident came to light, the token has registered an 82% fall, from roughly $0.06 to $0.01 in seven hours, as per CoinGecko.

Bondly Finance first made headlines in Feb. 2021 after it collaborated with YouTuber Logan Paul to issue Pokémon NFTs on Ethereum. Now, it’s become a talking point for a different reason.

Bondly Finance has promised that updates will follow.

Ankr's logo

This news was brought to you by ANKR, our preferred DeFi Partner.





Source link

Views: 0
BondlyExploitedFinanceMillionsPotentialPullRug
Share
0
FacebookTwitterPinterestEmail
previous post
Bitcoin’s Hash Rate Originating From China Falls Below 50%
next post
Bitcoin Tops and Fails Again, What Could Trigger Larger Decline

Related Posts

Bitcoin is Struggling, But It’s Too Early to...

12/29/2021

Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

12/29/2021

Ethereum Recovery Could Soon Fade If ETH Fails...

12/28/2021

Charles Hoskinson Shares Cardano Plans for 2022

12/28/2021

Bitcoin Prints Bullish Pattern, Why BTC Could Surge...

12/27/2021

Ethereum Breaks Key Hurdle, Why There Could Be...

12/26/2021

Could Bitcoin Benefit From A Santa Claus Rally?

12/25/2021

$8.2M Lost as Visor Finance Suffers Latest DeFi...

12/25/2021

Bitcoin Gains Momentum, Why Rally Isn’t Over Yet

12/24/2021

2021 in Review: the Top 10 Crypto Moments...

12/24/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Craig Wright Wins Lawsuit On Bitcoin.org Hosting Bitcoin Whitepaper

  • Sotheby’s to Accept Ether in Live Bidding for Sale of Banksy’s Works

  • Bitcoin (BTC) Tanks Under $40,000 Once Again. Here’s What Investors Can Do

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,203.00-3.40%
  • ethereumEthereum(ETH)$1,963.83-2.46%
  • tetherTether(USDT)$1.000.12%
  • usd-coinUSD Coin(USDC)$1.000.09%
  • binancecoinBNB(BNB)$302.72-0.82%
  • rippleXRP(XRP)$0.411430-1.91%
  • Binance USDBinance USD(BUSD)$1.000.15%
  • cardanoCardano(ADA)$0.52-2.74%
  • SolanaSolana(SOL)$50.21-3.57%
  • dogecoinDogecoin(DOGE)$0.084510-2.31%
  • polkadotPolkadot(DOT)$9.71-3.44%
  • Lido Staked EtherLido Staked Ether(STETH)$1,933.64-2.20%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,219.00-3.36%
  • AvalancheAvalanche(AVAX)$29.02-2.63%
  • tronTRON(TRX)$0.071070-3.58%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.000012-1.89%
  • daiDai(DAI)$1.00-0.02%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$68.63-3.48%
  • CronosCronos(CRO)$0.187235-4.04%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$5.000.64%
  • matic-networkPolygon(MATIC)$0.63-2.22%
  • HederaHedera(HBAR)$0.389473-3.44%
  • FTX TokenFTX Token(FTT)$29.76-3.40%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.81-3.83%
  • bitcoin-cashBitcoin Cash(BCH)$192.34-1.24%
  • RareRare(RARE)$0.0461220.00%
  • cosmosCosmos Hub(ATOM)$11.194.41%