Crypto vesting platform Team Finance faces a bug exploit losing around $14.5M


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The list of crypto platforms that have lost millions of dollars’ worth of digital assets to hackers this month has grown by one as Team Finance, a cryptocurrency vesting platform, reported victim to a bug breach.

Losing $14.5 million, the company marked itself as the latest victim of the ‘Hacktober.’ Team Finance also stated that the attackers used its recently audited v2 to v3 migration function to acquire the assets.

To avoid new attacks, the vesting platform has briefly halted all platform operations. Now, the organization is hopeful that the hackers will get in touch to talk about a bounty payment and return the money that was stolen.

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The report stated: “We have just been alerted of an exploit on Team Finance. We are currently unsure of the details. We urge the exploiter to get in contact with us for a bounty payment. We are working to analyze and remedy the situation at this very moment.” 

Team Finance is the latest victim of ‘Hacktober’

Over $700 million has been lost to cyberattacks this month alone, including Team Finance’s $14.5 million hack. Out of a large number of phishing attacks, the severely targeted were many FTX users whose accounts were connected to 3commas. Later, Olympus DAO faced a massive crypto attack, as TheCoinRise reported. However, it turns out that the alleged thief was an ethical security hacker as they returned the DAO their stolen money back. 

Despite Olympus recovering a large portion of the stolen funds, most of the hacked platforms were not lucky enough to receive a refund from their attackers.

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The first week of October has seen these hackers exploiting one of the largest blockchain networks, BNB Chain, the hack was further explained by Paradigm researcher. Afterwards, a loss of $100 million was reported on Twitter by Mango Markets. Most recently, the asset market faced a phishing attack by a hacker which goes by the name of Monkey Drainer plundering more than $3.5 million.

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