FORCE token sees volatile 24 hours following coordinated attack on ForceDAO

FORCE token sees volatile 24 hours following coordinated attack on ForceDAO

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.

Published at Mon, 05 Apr 2021 21:30:00 +0000

ALTCOIN NEWS BITCOIN NEWS BLOCKCHAIN NEWS CRYPTOCURRENCY NEWS ETHEREUM NEWS EXCHANGES NEWS LITECOIN NEWS MARKET NEWS REGULATION NEWS
Gamestop
Important Facts of Gamestop Entering into Cryptomarket
UniFarm
UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
XRP, FTX Token, Waves Price Analysis
#HODL #SHILL YOUR SH*T COIN! #SPOTTED! #VIRALS BITCOIN SCAM WATCH FUN QUIZZES
bitcoin-scams
Top 5 Bitcoin Scams you should be aware of!
Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams
five assorted color cars parked inside room
WHAT WILL YOU BUY WITH YOUR BULL MARKET GAINS?
FAQ'S INTRODUCTION TO BITCOIN INTRODUCTION TO BLOCKCHAIN INTRODUCTION TO CRYPTOCURRENCY EXCHANGES
Cryptocurrency
4 Amazing Perspectives of Cryptocurrency Characteristics, Everyone Should know
How bitcoin Transactions Work
Bitcoin For Beginners: 5 Plus Important Reasons Why You Should Understand The Future Impact of Bitcoin On Society
blockchain
5 Important points about Blockchain, Cryptocurrency, and Bitcoin(Safe or Not)
EXCHANGES WALLETS
coinbase
4 Best Crypto Coins on Coinbase
flat lay gadgets beside bearded man
ULTIMATE LIST : BEST BITCOIN AND CRYPTOCURRENCY WALLETS 2021
person shopping online
2021 BEST BITCOIN AND CRYPTOCURRENCY HARDWARE WALLETS TO STORE YOUR COINS SAFE

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.