Ethereum DeFi Hack at Lendf and dForce

One of the top issues for the year 2020 should be Defined (Decentralized Finance) respectively. What is meant is the development of applications from the traditional financial sector, such as Give, Send and Invest money, with the difference that this decentralized to expire. How big is the need for it is shown by the fact that a billion people worldwide have no access to a functioning financial system, but this urgent would need. Also, banks as middle men could be eliminated. Therefore, some assume that DeFi “could be the next big thing”. However, despite all this euphoria, one must admit that this Trend is still in its infancy and still a lot of development work is due. As demonstrated by the recent Hack of the DeFi application “Lendf” of dForce yesterday evening, at the 25 million USD in Ethereum and Bitcoin were stolen.

Ethereum DeFi Hack makes 25 million USD disappear

Lendf.me is one of two protocols developed by the dForce Foundation. According to the Twitter page of Lendf it is “by far the largest fiat-backed Stablecoin DeFi-rental-log”. The Ethereum DeFi heavy weight to have been hacked, according to the Defined Pulse, on yesterday Saturday evening. In this case, the Protocol has lost 99% of its deposits, as USD 25 million left in Ether and Bitcoin the Wallets.”Lendf.me confirmed that it was attacked on Sunday at 8.45 a.m. Beijing time on block height 9899681,“ said Lendf.me to the Chinese media company Chain News.Other developers of DeFi-logs speculated that the attack was caused by “imBTC”. This is a Ethereum Token that is linked to the value of 1:1 to Bitcoin. This was used as a safety and could have been as fraudulent out of it is subtracted from the attacker allowed the money almost for free.”The Bitcoin Standard” there is now, at last, to buy also in the German version. The book is without a doubt one of the best entry-level lectures on the topic of Bitcoin and the monetary Potential behind the digital currency. A “Must Read” of what goes in each book shelf. Here you can receive the German edition at Amazon! It will expand your horizon, definitely.Buy now!

Website of the Protocol not reachable

The investigations of those responsible have not yet been completed. According to the CEO of the dForce Foundation, Mindao Yang, “investigated (the Team) still” the incident. In doing so, he calls up the User on the currently there is no Ethereum and co. in the Protocol, to Deposit.Also on the Website of the Ethereum Protocol was Lendf.to read me the following: “do not Make deposits anymore!”. In the meantime, the page is no longer accessible, where it is a safety measure may be to ensure that lost money.Just last week, the dForce Foundation closed a strategic round of $ 1.5 million, which led by Multicoin Capital and Huobi Capital and the Chinese banking CMB International (CMBI) was accompanied. The funds were provided for the increase in staff and the introduction of new DeFi products in the coming year.So it is a pity that Lendf, and the dForce Foundation suffered as the DeFi project on Ethereum with the Hack to a harsh, perhaps final blow, so evocative of the Hack also indicates the importance of self-responsibility in the Crypto-field. If you’re invested in Ethereum, Bitcoin, or co., there is no safer way to take your Coins and Private Keys to be kept, as with a Cold Wallet Ledger.A Hardware Wallet Ledger provides maximum security for your crypto-currencies and Private Keys! Ledger combined Hardware with its own operating system specifically for the protection of over 1250 crypto-currencies has been developed. Your Coins against access from the outside & get secure today, you up with a Ledger Hardware Wallet! Order now!How do you see the Hack of the Defined Protocol to Ethereum? Come on in to our Telegram Chat and talk with the experts and the Community!
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(Image source: Shutterstock)The versions in this article, no trade recommendations or investment advice.

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