Crypto Hackers Strike Again, Managing To Steal $14.5 Million In Various Tokens

The DeFi market has currently been struggling with a serious hacker problem, with a flurry of attacks crippling various major players in the industry. While tracking them is often the easiest part of the recovery process, the real challenge can often start with the company having to make an offer to retrieve the assets.

As this issue continues to get out of hand, the hackers do not show any signs of slowing down anytime soon. In fact, the frequency and the amount of tokens stolen from each heist have only been steadily increasing in this month alone.

Better yet, this month alone these hackers have managed to make way with over $800 million in total funds. So if they continue, they could likely end up crippling the entire market.

The latest victim of their round of hacks has been Team Finance a liquidity locking project that is focusing on improving various aspects of the market. And in a very odd turn of events, the team had to make it clear that they were in fact hacked and the hackers managed to make away with over $14 million in various tokens.

A Necessary Break

After the attack on the platform, the team had to quickly suspend all transactions going through their service. The need to stop all transactions was essential, as there was still reason to believe that there were hackers on the platform who could siphon off the money.

The team was quick to put out a statement where they explicitly said that the hacker should get in touch with the team for a bounty payment. They were not notified about the hack, as the hacker did not get in touch falling the attack.

Taking Advantage of an Exploit

The team was also quick in finding out how the hackers managed to make way with over $14 million. According to their findings, the hackers were able to get in through an exploit in the different versions of Uniswap.

The exploit allows unauthorized people access to the rest of the platform, which is where they were able to steal so much of the money. While the company has yet to plug up this hole, they have yet to make any major strides in shutting down the rest of the hacker group.

Can It Recover the Funds?

the team has been hit with one of the biggest exploits to happen in the last month and there is no guarantee that this will be the last one. Luckily, there is a reason to believe that people will be willing to find the right way to get the funds back. But without professional help, they will struggle.