{"id":186079,"date":"2021-04-04T16:00:46","date_gmt":"2021-04-04T15:00:46","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=186079"},"modified":"2022-02-20T14:37:19","modified_gmt":"2022-02-20T14:37:19","slug":"ethereum-defi-project-forcedao-gets-hacked-hours-after-launch","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-defi-project-forcedao-gets-hacked-hours-after-launch\/","title":{"rendered":"Ethereum DeFi project \u2018ForceDAO\u2019 gets hacked hours after launch"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">ForceDAO, a shiny new decentralized finance (<\/span><a href=\"https:\/\/cryptoslate.com\/defi\/\"><span style=\"font-weight: 400;\">DeFi<\/span><\/a><span style=\"font-weight: 400;\">) project, got attacked by five hackers this morning, reviving concerns around the highly experimental sector and the seemingly unending amounts of money flowing into hours-old projects.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">ATTENTION<\/p>\n<p>Our team is aware of the xFORCE contract exploit and has identified the nature of the issue.<\/p>\n<p>There are no further funds available on the xFORCE contract to be exploited.<\/p>\n<p>All other vaults are safe.<\/p>\n<p>We will provide a post-mortem and next steps over the coming hours.<\/p>\n<p>&mdash; Force (@force_dao) <a href=\"https:\/\/twitter.com\/force_dao\/status\/1378643450803929089?ref_src=twsrc%5Etfw\">April 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><b>Another day, another DeFi hack<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\"><span style=\"font-weight: 400;\">Ethereum<\/span><\/a><span style=\"font-weight: 400;\">-based project fashions itself as a decentralized autonomous organization (DAO) for \u2018quant finance.\u2019 It aims to leverage high returns from yield-bearing DeFi protocols and produce superior returns by adhering to community-proposed strategies and rewarding the strategists with powerful incentives.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This seems to be the exploiter for <a href=\"https:\/\/twitter.com\/search?q=%24XFORCE&src=ctag&ref_src=twsrc%5Etfw\">$XFORCE<\/a><a href=\"https:\/\/t.co\/WS649tJ1Fe\">https:\/\/t.co\/WS649tJ1Fe<\/a><\/p>\n<p>&gt; Minted <a href=\"https:\/\/twitter.com\/search?q=%24XFORCE&src=ctag&ref_src=twsrc%5Etfw\">$XFORCE<\/a><br \/>&gt; Withdrew <a href=\"https:\/\/twitter.com\/search?q=%24FORCE&src=ctag&ref_src=twsrc%5Etfw\">$FORCE<\/a> using minted <a href=\"https:\/\/twitter.com\/search?q=%24XFORCE&src=ctag&ref_src=twsrc%5Etfw\">$XFORCE<\/a><br \/>&gt; Sold <a href=\"https:\/\/twitter.com\/search?q=%24FORCE&src=ctag&ref_src=twsrc%5Etfw\">$FORCE<\/a> through 1inch<\/p>\n<p>Don&#39;t seem to really care about opsec seeing how the initial funds are seeded from FTX<\/p>\n<p>?\u200d\u2642\ufe0f<\/p>\n<p>&mdash; defiOWL (@OwOtrades) <a href=\"https:\/\/twitter.com\/OwOtrades\/status\/1378612945144274946?ref_src=twsrc%5Etfw\">April 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Last week, the protocol\u2019s developers said they would \u201cairdrop\u201d tokens to users of other DeFi protocols to ensure a fair launch and attract various crypto communities to their own. A total of 25 million FORCE tokens (out of a fixed 100 million supply) were to be distributed over the next month to those staking on <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/aave\/\"><span style=\"font-weight: 400;\">Aave<\/span><\/a><span style=\"font-weight: 400;\">, Alchemix, <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/badger-dao\/\"><span style=\"font-weight: 400;\">Badger<\/span><\/a><span style=\"font-weight: 400;\">, Balancer, <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/curve-dao-token\/\"><span style=\"font-weight: 400;\">Curve<\/span><\/a><span style=\"font-weight: 400;\">, Maker DAO, Synthetix, <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/sushiswap\/\"><span style=\"font-weight: 400;\">Sushi<\/span><\/a><span style=\"font-weight: 400;\">, Vesper, and <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/yearn-finance\/\"><span style=\"font-weight: 400;\">Yearn Finance<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But this morning, things on the much-awaited airdrop went awry. It got attacked by an estimated five hackers in the hours post the airdrop, causing FORCE prices to plunge more than 90% in a sudden, drastic fall.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Interesting situation going on with ForceDAO. Liquidity has been withdrawn, price is down 90%+ and there are indications that it could have been a white hat &quot;hack&quot; <a href=\"https:\/\/t.co\/Y5aUcvvuG0\">pic.twitter.com\/Y5aUcvvuG0<\/a><\/p>\n<p>&mdash; Larry Cermak (@lawmaster) <a href=\"https:\/\/twitter.com\/lawmaster\/status\/1378621867506958339?ref_src=twsrc%5Etfw\">April 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><b>The day ForceDAO got hit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Mudit Gupta, blockchain lead at Polymath Network, took to Twitter to explain what happened. As per him, the hackers exploited a <\/span><i><span style=\"font-weight: 400;\">known<\/span><\/i><span style=\"font-weight: 400;\"> Solidity issue (Solidity is the underlying code of Ethereum), that allowed users to obtain FORCE tokens via an illicit process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hackers were able to manipulate the way xFORCE tokens (the \u201cinterest-bearing\u201d version of FORCE that represents one\u2019s share in the FORCE profit-sharing pool) are handled on the platform and get FORCE tokens in return, he noted.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">xFORCE contract from <a href=\"https:\/\/twitter.com\/force_dao?ref_src=twsrc%5Etfw\">@force_dao<\/a> hacked and drained by a whitehacker. In the FORCE token, the transfer functions return false rather than reverting when the sender doesn&#39;t have enough balance. The xFORCE contract assumes FORCE will revert and does not handle the returned value. <a href=\"https:\/\/t.co\/lPo9vJ48bs\">pic.twitter.com\/lPo9vJ48bs<\/a><\/p>\n<p>&mdash; Mudit Gupta (@Mudit__Gupta) <a href=\"https:\/\/twitter.com\/Mudit__Gupta\/status\/1378631645473861636?ref_src=twsrc%5Etfw\">April 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIn the FORCE token, the transfer functions return false rather than reverting when the sender doesn't have enough balance. The xFORCE contract assumes FORCE will revert and does not handle the returned value,\u201d Gupta said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He added:<\/span><\/p>\n<blockquote><p><b>\u201cThis means anyone can call the `deposit` function of the xFORCE contract even if they do not have any FORCE tokens. The xFORCE contract will mint them fresh xFORCE tokens even though it will fail to lock their nonexistent FORCE tokens.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Gupta stated that over five hackers seemed to have attacked the project after reviewing the various addresses that the alleged hackers conducted their attack from. One was a \u2018whitehat\u2019 hacker who promptly returned the funds back to the network, but the others sold their proceeds.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hacker 4 &#8211; Drained about 300k FORCE tokens, sold most of them on DEXs for ~50 ETH ($100k).<a href=\"https:\/\/t.co\/YME1GUGpib\">https:\/\/t.co\/YME1GUGpib<\/a><\/p>\n<p>Hacker 5 &#8211; Drained about 1.1m FORCE tokens, sold some for ~45 ETH ($95k).<a href=\"https:\/\/t.co\/1upadhvjOU\">https:\/\/t.co\/1upadhvjOU<\/a><a href=\"https:\/\/twitter.com\/etherscan?ref_src=twsrc%5Etfw\">@etherscan<\/a> Can you please tag these accounts as hackers as well?<\/p>\n<p>&mdash; Mudit Gupta (@Mudit__Gupta) <a href=\"https:\/\/twitter.com\/Mudit__Gupta\/status\/1378651536859951112?ref_src=twsrc%5Etfw\">April 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Nearly $350,000 worth of ETH was dumped by the hackers in all. ForceDAO, on its part, issued an <\/span><a href=\"https:\/\/twitter.com\/force_dao\/status\/1378657570135625730\"><span style=\"font-weight: 400;\">advisory<\/span><\/a><span style=\"font-weight: 400;\"> that cautioned users to avoid trading on any exchanges until the issue was solved. The team has not issued any other statement as of press time.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ForceDAO, a shiny new decentralized finance (DeFi) project, got attacked by five hackers this morning, reviving concerns around the highly experimental sector and the seemingly unending amounts of money flowing into hours-old projects. ATTENTION Our team is aware of the xFORCE contract exploit and has identified the nature of the issue. There are no further [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":186100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77419,46940,16041],"tags":[60923],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum DeFi project \u2018ForceDAO\u2019 gets hacked hours after launch<\/title>\n<meta name=\"description\" content=\"ForceDAO, a shiny new decentralized finance (DeFi) project, got attacked by over five hackers this morning, reviving old concerns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethereum-defi-project-forcedao-gets-hacked-hours-after-launch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum DeFi project \u2018ForceDAO\u2019 gets hacked hours after launch\" \/>\n<meta property=\"og:description\" content=\"ForceDAO, a shiny new decentralized finance (DeFi) project, got attacked by over five hackers this morning, reviving old concerns.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ethereum-defi-project-forcedao-gets-hacked-hours-after-launch\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-04T15:00:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-20T14:37:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/hack.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ethereum-defi-project-forcedao-gets-hacked-hours-after-launch\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ethereum-defi-project-forcedao-gets-hacked-hours-after-launch\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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