WOOFi Smart Contract Exploit Leads to $8.5 Million Crypto Loss
The WOOFi development team recently discovered an exploit in its swap contract on Arbitrum, resulting in the loss of $8.5 million worth of cryptocurrency. Despite this incident, the team assures users that all other WOOFi contracts remain secure and unaffected by the exploit.
The Exploit and Loss
An analysis by Cyber Alerts revealed that WOOFi’s smart contract for swapping tokens on Arbitrum WooPPV2 was exploited, leading to the loss of $8.5 million in crypto. The hacker used a Tornado Cash-related address in Ethereum (ETH) to cover transactional costs associated with the operation.
Bounties for Responsible Parties
In response to the exploit, the WOOFi team has announced a 10% whitehat bounty for the individual responsible for the breach. Additionally, a separate bounty has been offered for any information leading to the identification of the attacker, although the specific amount of this bounty has not been disclosed.
About WOOFi
WOOFi is a decentralized exchange that was launched in November 2021. It provides users with both swapping services and trading activities through two distinct products. The native token of WOOFi, known as WOO, experienced an immediate drop of nearly 8% to $0.5 following news of the exploit.
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