Crypto News

Liquidity Management Protocol Visor hacked, price crashes 95%

                                                            Visier – a Uniswap-basiertes Protokoll, das auf NFT Smart Vaults spezialisiert ist – wurde kürzlich von Hackern ausgenutzt, um 8,8 Millionen vVISR-Token abzuheben.  Das Visor-Team scheint sich mit dem Problem zu befassen, aber der Preis des Tokens ist in der Folge zusammengebrochen.

Hacked for millions

Visor Finance announced the exploit today on Twitter. Apparently the hack targeted the vVISR staking contract. The flaws in the contract include a re-entry hack to double vVISR tokens, as well as another one that allows the tokens to be minted freely and indefinitely.

The protocol stated that no positions or hypervisors were at risk from the exploit and that affected VISR stakers would be restored. Shortly afterwards, the team announced that they would perform a “token migration” based on the state of the log before the exploitation. “Trading after the vVISR exploit will not affect your redeemable amount,” they said.

The exploit did terrible damage to the price of vVISR. According to Coinmarketcap data, the token was hovering at $ 0.92 this morning at 9:30 a.m. EST before quickly collapsing to $ 0.03 before noon. The trading volume tripled within this period after the hacker sold all of his tokens to Uniswap.

He also used Tornado Cash – a non-liability privacy protocol that builds on Ethereum – to hide his identity. Tornado was used by the SquidGame token scammers in October to escape without a trace with their stolen funds.

This isn’t the first time Visor has seen a major hack. As early as June, $ 500 million was stolen from the network – roughly 16% of its then TVL.

Defi-hack season

Defi hacks and scams have been rampant in the crypto space over the past year. On Monday, Bent Finance informed its users about a possible network “exploit” and is now suspected of having committed an intentional rug pull. The staking platform has disabled reward claims, and data analytics firm Peckshield said the hacked transaction was carried out by the Bent Finance deployment.

The biggest Defi hack to date took place this August when various $ 600 million worth of cryptos were stolen on multiple networks, including Ethereum, Polygon and Binance Smart Chain. This competed in dollar-denominated terms with some of the biggest crypto hacks in history.

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Source: Crypto News Deutsch

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