Elephant Money, a DeFi altcoin project based on the BNB Chain, suffered a loss of millions from an attack on its reserve. The ELEPHANT token lost almost 90% of its value in a short time when the team asked its investors not to sell it.
Traditional price manipulation attack resulted in losses of $11.2 million
According to a statement by cybersecurity team BlockSec, the Elephant Money DeFi altcoin protocol is the result of a price manipulation attack that started with borrowed Wrapped Binance Coins (WBNB). became the victim.
The attacker minted TRUNK stablecoin in a series of operations and more Used it to buy WBNB and BUSD. It caused the ELEPHANT price to rise and a profit of $4 million per cycle for the attackers. Hackers have carried out this attack several times; According to Elephant Money’s estimates, a total of $11.2 million in permanent damage was detected. PeckShield, another top DeFi security team, has called such attacks a “forced investment.”
The Elephant Money team is already working on an emergency patch and new mechanisms to prevent a repeat of similar attacks.
Funds are safe, don’t answer, don’t sell
Immediately after the attack, the price of ELEPHANT, the reward token provided by Elephant Money’s liquidity, dropped almost 88% in a short period of time.
Despite a slight pullback, the token at the time of writing is 0.00000008951 or yesterday’s It is trading down 77.1% compared to levels. At the same time, representatives of Elephant Money officially stated that no user’s funds are currently at risk. The only warning they give is that investors should avoid panic selling.
Not only DeFi altcoin, hackers are watching NFT projects
As we have covered in the news of Kriptokoin.com, in a recent hack reported by PeckShield, 1, 1 from the popular NFT collection BAYC. Over $66 million in NFT Tokens stolen. One of the biggest attacks on the NFT market is the attack on OpenSea, the world’s largest NFT market. Tracking the hackers, PeckShield determined that the attack originated from a phishing email sent by the OpenSea team as the source of the attack.
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