Cryptocurrency

The FORCE token is volatile 24 hours after a coordinated attack on ForceDAO

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After a coordinated attack on the DeFi ForceDAO platform on Sunday, hackers set off with 183 Ethereum (ETH) valued at around $ 386,000 at the time of writing. After an initial sell-out, ForceDAO’s native FORCE token was in recovery mode on Monday and was able to complete a very volatile 24-hour period for the newly started project.

ForceDAO described the Sunday exploit in a series of tweets and assumed responsibility for the “engineering oversight” that led to the attack that revolved around the platform’s xFORCE contract.

POST MORTEM

For the Force and DeFi community, we would like to publish a post-mortem about the latest xFORCE exploit.

Thanks to everyone technical and non-technical who helped with this.

Especially for the white hat who helped keep FORCE from getting drained. Https://t.co/MK2GH69yLd

– Force (@force_dao) April 4, 2021

In a subsequent blog post, Alberto Cevallos stated:

“The exploiters were able to deposit FORCE tokens that would fail during transmission [f]I call and receive xFORCE tokens because the xFORCE contract expects the token to be restored but instead receives false. “

He continued:

“A user could then withdraw these newly minted xFORCE tokens for the remaining FORCE tokens in the vault and liquidate them on exchanges for ETH.”

Another 14.8 million FORCE tokens were compromised in the first attack, although they have since returned to the pool.

Often referred to as a quantitative hedge fund, Force is both a protocol and a decentralized autonomous organization (DAO) designed to provide more profitable DeFi opportunities for the community.

According to CoinGecko, the FORCE token fell more than 99% from $ 2.21 to a low of just 2 cents on Sunday. The token has rebounded 173% in the past 24 hours since then.

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Melinda Martin