FORCE token sees volatile 24 hours following coordinated attack on ForceDAO

The DeFi platform was the victim of an attack shortly after launch, with 183 ETH compromised. After an initial selloff, FORCE tokens are in recovery mode Monday.

Hackers made off with 183 Ethereum (ETH), worth roughly $386,000 at the time of writing, following a coordinated attack on DeFi platform ForceDAO Sunday. Following an initial selloff, ForceDAO’s native FORCE token was in recovery mode on Monday, capping off a highly volatile 24 hours for the newly launched project. 

ForceDAO detailed the Sunday exploit in a series of tweets, taking ownership of the “engineering oversight” that resulted in the attack, which centered around the platform’s xFORCE contract. 

In a follow-up blog post, Alberto Cevallos explained:

“The exploiters were able to deposit FORCE tokens that would fail the transfer [f]rom call and receive xFORCE tokens, as the xFORCE contract expects a revert from the token 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 for ETH on exchanges.”

An additional 14.8 million FORCE tokens were compromised in the initial attack, though they’ve since been returned to the pool.

Often described as a quantitative hedge fund, Force is both a protocol and decentralized autonomous organization, or DAO, that’s designed to produce higher-yielding DeFi opportunities for its community.

The FORCE token collapsed more than 99% on Sunday, from $2.21 to a low of just 2 cents, according to CoinGecko. The token has since recovered 173% in the last 24 hours.

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Exmo crypto exchange suffers second attack in two months

The total volume on the crypto exchange has fallen 4.9% in the last 24 hours.

London-based cryptocurrency exchange Exmo suffered a distributed denial-of-service attack on Monday, causing the platform’s servers to become unavailable.

In a tweet on Monday, Exmo reported that hackers had targeted the exchange with $75 million in trading volume in a distributed denial-of-service, or DDoS, attack. These cyberattacks typically overload a system with numerous requests from multiple virus-infected servers.

The attack comes two months after the crypto exchange reported that hackers had stolen $10.5 million in Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Tether (USDT) and Zcash (ZEC). Executives later suggested some of the funds could not be recovered because the attackers had withdrawn $1 million in XRP and $2.8 million in ZEC through Poloniex.

According to data from CoinMarketCap, the total volume on Exmo has fallen 4.9% in the last 24 hours. The incident in December 2020 caused the exchange to lose about 5% of its total assets, though only Exmo’s hot wallets were reportedly affected by the hack.

Maria Stankevich, chief business development officer of Exmo, told Cointelegraph that since the December 2020 breach, the exchange has implemented a number of measures to reduce the possibility of a future attack. She said Exmo transferred cryptocurrency withdrawals to the custody arm of hardware wallet manufacturer Ledger and created a bug bounty program to test the exchange, among other solutions.

As of Jan. 10, all crypto exchanges in the United Kingdom are required to be registered with the country’s Financial Conduct Authority, which verifies they are in compliance with Anti-Money Laundering regulations. However, a number of firms that have submitted applications, including Exmo, have received temporary registrations from the FCA allowing them to continue trading until July 9.

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Ledger Leak Invokes Legal Action, One Customer Allegedly Threatened With Home Invasion

Ledger Leak Invokes Legal Action, One Customer Allegedly Threatened With Home InvasionJust recently, reports of the Ledger customer database breach being dumped on Raidforums for free has become a viral story among cryptocurrency proponents. Now customers are threatening to take legal action against the hardware wallet manufacturer, and one customer has complained of getting an email threatening him with a home invasion. The Ledger wallet customer […]

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Nicehash Crypto Mining Pool ‘Fully’ Reimburses All Users Affected by 2017 Hack

Nicehash Crypto Mining Pool 'Fully' Reimburses All Users Affected by 2017 HackA Slovenian cryptocurrency mining pool and trading platform announced that they’ve managed to fully compensate their users affected by a hacking attack that took place in December 2017, which took over 4,600 bitcoins. Nicehash ‘Fully’ Reimburses Users Affected in 2017 Hack According to the letter published by Martin Škorjanc, CEO of Nicehash, the company “fully” […]

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‘Bitcoin never gets hacked’ — crypto players respond to US Treasury breach

“Bitcoin means trusting a SHA256 algorithm more than the U.S Treasury,” quipped Blockfolio.

Crypto players were quick to respond to the news that hackers breached the U.S. Treasury Department.

According to a report from Reuters, a “sophisticated hacking group” backed by a foreign government — reportedly Russia, according to three people familiar with the investigation — was able to breach the U.S. Treasury Department as well as the National Telecommunications and Information Administration, or NTIA, with the Department of Commerce.

The incident happened less than a month after Donald Trump fired Department of Homeland Security cybersecurity chief Chris Krebs. However, Reuters stated that the hackers had been monitoring NTIA staff emails run on Microsoft’s Office 365 “for months.” Other government agencies may also have been breached, but sources did not provide additional details.

In response to the attack on such a powerful government agency, crypto players pointed out the advantages of Bitcoin (BTC).

“Bitcoin never gets hacked,” said Kraken’s head of business Dan Held on Twitter. Bitcoin bull Anthony “Pomp” Pompliano echoed Held’s sentiment, saying “Bitcoin has never been hacked.”

Blockfolio took aim at the NTIA’s cybersecurity, implying the agency used dated algorithms for its cryptographic security:

It’s unclear whether any funds have been compromised as a result of the breach. At the time of publication, the hack seems to be limited to information potentially stolen from government agencies’ emails.

“Jokes on them,” said MyCrypto founder and CEO Taylor Monahan. “The treasury’s already been hacked by internal actors.” The statement may reflect the United States government printing more money in 2020 than for nearly entirety of the country’s existence.

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