The new victim of DeFi (decentralized finance) turned out to be Visor Finance (an active protocol for liquidity management). The group behind the protocol informed about the incident through a Twitter post in the later period of 21st December. It mentioned that the staking contract of the venue had been swindled thus a compensation would be provided for the consumer funds.
It added that the respective exploit is in their knowledge and they are attempting to execute a migration strategy for the influenced funds. It affirmed that there was no further danger. The declaration of migration of tokens was made one hour after the exploit, stating that a snapshot – that was taken in advance of the exploit – would help them in the respective process.
Not the earliest case
During a post-incident investigation (that was carried out some hours after the event), the team of Visor Finance disclosed that a wicked smart contract was responsible for draining the staking contract of the protocol which contained VISR tokens counting up to 8,812,958. The moment when the exploit was performed, the value of the protocol was nearly $8.1M. There was an error in the venue’s contract due to which a contract (that was developed by a consumer) became capable of manipulating the option of transaction and looting the staking pool.
Also read:It also stated that both ConsenSys Diligence and Quantstamp are the partners thereof for the audits of this December and coming January. The company’s present audits are undergoing a process and it has affirmed to form a unique staking contract. The latest token is said to be launched by the team to substitute the former ticker symbol of the VISR token with the latest one. The respective process has in advance been started and the consumers will receive a compensation of 1:1 ratio of the upcoming token. A warning was additionally issued by the firm that the VISR token is irredeemable so it should not be purchased.
The token collapses of VISR
Similar to its former exploits during this year, a collapse was witnessed by VISR to almost zero. In advance of the hack, nearly nine hours back at the moment of press, the trade value of VISR was almost $0.93, as per CoinGecko. Presently, it has collapsed to 0.02 (signifying a loss of more than 97.5% during the recent some hours.
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