Again, hackers have struck the decentralized finance sector and have stolen tokens worth around $2 million from Akropolis.
The blockchain-based protocol is now the latest victim in a long list of hacked platforms in the sector. It is worth noting that the hackers stole DAI stablecoins worth nothing less than $2 million after they breached the DeFi protocol. In their official statement, the firm notified users while calling for calm and giving insights into how the attack was carried out.
Furthermore, the firm has assured users that its team of developers is presently reviewing the code and updating security on the platform and would publish a report to update them in the coming days.
Akropolis gives insight into the hack
Akropolis is a protocol in the decentralized finance sector that offers its users loan services to make profits. The protocol gives out loans in different digital assets and allows users to make profits using their deposited collateral.
For this reason, Akropolis and other lending services witnessed massive patronages as users looked to take advantage of the lending service to make profits. Their service is known as yield farming, a type of farming carried out by major DeFi projects.
In their review of how the hack happened, the protocol noted that the hackers used a loophole that they found in the project’s savings. Notably, that savings side uses Curve, another protocol in the decentralized finance sector, to function.
“We noticed at around 4 pm that something was wrong with the APY of our stablecoin pool, and it was then that we discovered that the pool had been emptied and approximately $2 million taken out of the yCurve and sUSD pools in the process. The hacker was said to have used a re-entrance and flash loan origin to fool the protocol before draining it.
Aprokolis CEO promises to refund affected users
In recent weeks, hackers have attacked mainly unaudited protocols in the decentralized finance sector and effectively carried out their acts. Through its founder, Akropolis has claimed that their protocol was not unaudited as it has been audited by two independent firms, CertiK and SmartDec and Pessimistic.
However, the CEO of Akropolis, Ana Andrianova, tweeted that the firms have admitted to missing two attack vectors while carrying out their protocol audits. Replying to a Twitter user, the CEO said, “We will publish a full statement on the development shortly, but I can confirm that we missed two attack vectors despite two audits carried out.”
Users of the protocol are now on the edge of their seats regarding what will happen next concerning their funds on the protocol. Apart from the stolen DAI stablecoins, the protocols hold coins like Compound DAI, Curve bUSD, and Curve sBTC.
The protocol also has its native AKRO and ADEL pools and confirmed that all the other tokens and pools were not affected by the attack. In its final statement, the protocol hopes to refund users involved in ways that will sustain the project. It would propose a solution to its community before making a decision.
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