Another day, another hack. This time, the 1inch decentralized exchange aggregator was the victim of a major hack, causing a loss of more than $ 5 million. On the channel, experts suggest that a pirate has found a vulnerability in one of the intelligent contracts of 1inch, leading to massive flight.
After the attack, the price of the 1 inch token dropped 5%, which concerned users. But how did the pirate succeed?
How did the pirate stole $ 5 million?
March 6 1inch has officially confirmed Piracy through a tweet, explaining that the attacker took advantage of a defect in the intelligent V1 Obsolete merger contract. This vulnerability has specifically had an impact on resolving entities, which are responsible for filling commands on the platform.
The good news is that user funds have remained safe, as losses were limited to affected resolver contracts. However, that did not prevent the pirate from achieving enormous profit.
However, the blockchain safety company Slowmist traced the stolen fundsrevealing that the pirate managed to fly 2.4 million USDC and 1,276 wrapped ether (WETH), totaling more than $ 5 million.
1 of the quick response to the attack
As soon as the feat was discovered, team 1inch acted quickly. They immediately started working with resolvers assigned to secure their systems and prevent new losses. The platform has also urged all resolvers to audit and update their smart contracts to avoid similar attacks.
To strengthen security, 1inch announced a program of bug bonuses, encouraging ethical pirates to find and report all vulnerabilities before bad players can exploit them. In addition, efforts are made to recover the stolen funds.
1 Price prospects
After the piracy news, the price of the 1 inch token dropped more than 5% while panic spreads among investors. From now on, the 1inch token is Exchange about $ 0.23reflecting a 2% drop in the last 24 hours. However, its negotiation volume has increased by 10%, now oscillating about $ 26.8 million.
Technical analysts suggest that if 1inch manages to exceed the level of key resistance of $ 0.25, its price could increase to $ 0.28. A strong bullish thrust could even skyrocket it at $ 0.32. Lower down, if the price drops below $ 0.22, it could flow to $ 0.19.