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Defi protocol “Unlock” hacked for 20 Ethereum

Defi protocol "Unlock" hacked for 20 Ethereum 5

Reportedly Unlock Protocol was compromised and the hacker successfully drained 20 ETH from the platform. 

Unlock is a Defi protocol that provides the ability for creators to monetize their digital content with a few lines of code in a fully decentralized way. 

On 21 April 2023, Crypto security platform Cyvers reported that Unlock Protocol was compromised by an unknown hacker & that hacker successfully drained 20 ETH from the platform.

Investigation revealed that the hacker tricked the platform with the help of the protocol’s smart contract vulnerability in the postLockUpgrade() function, which helped the hacker to withdraw funds without user verification.

To remain anonymous, hackers used the popular Ethereum crypto mixer platform Tornado Cash, which is banned in the US since 2022. 

At present, it is unconfirmed whether the Unlock Protocol team is aware of this hacking incident or not because there is no information/notice/warning about this hack attack seen on Twitter or the official website. 

UDT price action

UDT is the native token of Unlock Protocol and the current trade price of the UDT token is $8.34. The trade price of this token is 40% down over the last 24 hours. 

Defi protocol "Unlock" hacked for 20 Ethereum 4

And this high downfall in the price of this coin is a sign that UDT token holders are now in a panic over their investment. 

Bitrue exchange 

Earlier this we reported that the Bitrue crypto exchange became a victim of a hack attack, in which the exchange lost $23 million worth of crypto assets. 

Exchange confirmed that its security team was working with other crypto platforms, where hackers tried to interact with the stolen funds, and also confirmed that the Exchange will release compensation over the loss that users faced in the hack attack.

Read also: Kiyosaki says Bitcoin didn’t need government bailout

Defi protocol “Unlock” hacked for 20 Ethereum

 

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