As a result of global attacks, many DeFi companies suffer from considerable financial and technical damage.
Thus, our Bridge services also went under siege. Consequently, the liquidity required for transferring tokens between Ethereum and Binance Smart Chain was a target of exploitation. This event resulted in loss of $100 000 in MILK2, SHAKE, NFTS, which were withdrawn from the services and sold afterward.
What happened
Perpetrators regularly try to get access, gain control over the system, and get the inner information stored in the system.
Most of such attacks were successfully fought back by our team or just failed due to strong security measures.
However, on July 13, 2021, our Blockchain Bridge on SpaceSwap and NFT STARS were attacked by hackers.
The main liquidity was not affected by the attack. However, the perpetrators got access to some technical intermediate wallets of the system that were temporarily used for swapping.
At the moment the liquidity drain is stopped and the funds are temporarily transferred to the cold inner wallets for safeguarding the assets.
How it became possible
The SpaceSwap and NFT STARS are not the first DeFi projects that suffered from such an attack.
This year both Alpha Homora and ChainSwap experienced hack attacks from a number of projects. The financial damage for Alpha Homora was $400 000 for Alpha Homora and $800,000 for ChainSwap correspondingly.
The projects that were victims in the hack like SpaceSwap and NFT STARS platforms include Wilder Worlds (token symbol: WILD), Antimatter (MATTER), Option Room (ROOM), Umbrella Network (UMB), Blank, Nord Finance (NORD), Razor Network (RAZOR), Peri, Unido (UDO), Oro, Vortex (VTX), Corra (CORA), ROCKS, Dafi, and Unifarm (UFARM).
These hacks draw the attention of all the DeFi sector on the problem of improving the safety of the services’ technical parts and fighting the perpetrators uniting forces of all the spheres.
Thus, NFT STARS and SpaceSwap will join their efforts to eliminate the consequences of the hack.
Which measures were taken to address the problem
Despite the fact that DeFi is quite a risky sphere, the company takes all the responsibility for the damage that was caused to all the users.
The urgent measures that were taken
- Both Bridge Services (SpaceSwap and NFT STARS) were urgently stopped
- The possibility of further hacks was eliminated
- The users’ funds were secured
The team of the project states that all measures will be taken to address the consequences of this attack down to the full ransom of coins ( up to $100 000) from the market through reserve funds.
All the transactions that were not processed due to maintenance of bridge services will be finished in the nearest time. Address our support in case you’ll have issues with bridge transactions in a few days. Our team works 24/7 for you.
At the moment the technical team is conducting an investigation the results of which will be published later. Also, a technical check-up of the system’s safety will be held according to the results of the inquiry. All the necessary measures will be taken to improve the safety of all the programming complexes.
Thank you for your understanding and patience.
Sincerely, the SpaceSwap and NFT STARS team.
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