The Largest DeFi Exchange Running on Cronos Blockchain Network Loses $2 Million to Hackers

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MM.Finance, a community of interacting Decentralized Finance applications and the largest DeFi exchange running on Cronos blockchain, was on the receiving end of a two million dollar malicious attack. This event was made public three days ago (Thursday) after the hacker broke into the application’s user interface and begin transferring funds to his or her own wallet.

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Per the investigation statement released by the Defi project during the early hours of today, the hacker exploited the susceptibility of the Domain Name Service to alter the contract address MM.Finance hosted files and he or she sent in a malevolent contract address into the MM. Finance’s website user interface. The sent in malevolent contract address, then sends funds to hackers wallet each time a customer attempts to make an exchange. Facts obtained from the blockchain revealed that nearly two million dollars of crypto were carted off by the hacker before his or her activity was discovered.

The Largest Defi Exchange Running on Cronos Blockchain Network Loses $2 Million to Hackers

MM.finance disclosed during the early hours of today that it was able to track the hacker to the OKX (a centralized exchange), and this exchange subjects user to KYC (Know Your Customer) steps while they are going through registration. This implies that, except if the hacker used a false ID while registering on the OKX platform, the hacker can be traced using the information submitted while or her was registering on the OKX exchange platform.

It was affirmed that users who have been affected by this recent event, will be appropriately compensated for their losses. The CEO of MM.finance also said that his crew is currently probing the event.

Going by the facts supplied by the DeFi Llama, MM.Finance has not lost a huge amount of funds, because they are still in possession of about a eight hundred and two million dollars. Surprisingly, MM.Finance token has not also suffered a major blow, and this isn’t common for newly exploited protocols. The token has recovered from its losses following a minor starting depletion and is presently trading by 0.1  percent today.

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