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DeFi Protocol Temple DAO Struck by $2.3M Exploit
The hack equates to around 4% of Temple DAO's total value locked (TVL).
Updated May 9, 2023, 3:58 a.m. Published Oct 11, 2022, 3:01 p.m.
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Temple DAO, a decentralized finance (DeFi) protocol that offers users yields on deposits, has been hit by a $2.3 million exploit, according to numerous reports on Twitter.
The apparent exploit was first noticed by Twitter user spreekaway, who posted an on-chain transaction that was later verified by blockchain security firm PeckShield.
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Temple DAO becomes the latest DeFi protocol to fall victim to an exploit or hack. Last week, Transit Swap lost $28.9 million to a hacker just weeks after crypto market maker Wintermute had $160 million stolen from its DeFi business.
Total value locked on Temple DAO stands at $56.93 million, according to Defi Llama, with the exploit amounting to around 4% of the protocol's assets.
The exploiter has converted all funds to ethereum and transferred $2.34 million to a fresh wallet.
BlockSec, another security firm, identified that the root cause of the exploit was connected to insufficient access control to the migrateStake function, which is a function of the protocol's smart contract.
Temple DAO did not immediately respond to CoinDesk's request for comment.
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