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HomeCrypto NewsSkyward finance exploit allegedly leads to $3 million loss

Skyward finance exploit allegedly leads to $3 million loss

Skyward finance, an IDO platform enabling honest token distribution for initiatives on the NEAR Protocol, has reportedly been exploited for 1.1M NEAR tokens, value an estimated $3 million USD at time of publication. 

The information was shared on Twitter by Aurora Lab’s group moderator Sanket Naikwadi, who said that the exploit was first seen by a member of the NEAR protocol group, who goes by the deal with @Nearscout.

Based on the collection of tweets on the exploit, Ref finance — a community-led multi-purpose DeFi platform constructed on the NEAR Protocol — and the Skyward crew have been notified of the drain.

The exploiter reportedly initiated the drain by shopping for a lot of skyward tokens on Ref Finance, and “then redeemed it via Treasury on Skyward Finance.”, the place they seem to have “received a lot of NEAR than what 1 SKYWARD was value”.

Naikwadi cautioned SKYWARD Token holders to redeem or swap their tokens wherever they’ll, and now not work together with Skyward Finance, including that the “Hacker has already withdrawn NEAR to a lot of totally different wallets.”

Associated: Barely midway and October already the most important month in crypto hacks: Finance Refined

Exploits inside the Defi ecosystem seem like on the rise. Blockchain analytics agency Chainalysis recentlylabeled October 2022 as “the most important month within the largest 12 months ever for hacking exercise.”

On Oct 12, Cointelegraph reported that $100 million value of cryptocurrency was drained from Solana-based decentralized finance (DeFi) change Mango Markets, leading to its token plunging by 52%. On the identical day of the Mango Market’s exploit, TempleDAO was additionally exploited for $2 million.