Bondly Finance told users to stop trading after alleged exploit

Decentralized e-commerce platform Bondly Finance is the latest decentralized finance (DeFi) platform to face an alleged exploit. The developer team said to the DeFi community to stop trading Bondly, the platform’s native token, following a suspected exploit on July 15. 

The DeFi platform’s native token price crashed more than 60% because of the  compromise by an unknown party.

Bondly Finance has yet to provide details by tweet from their official account regarding the attack. 

Attention Bondly Community:

Unfortunately we have been compromised by an unknown party

We would like to take this time to advise you to STOP TRADING $BONDLY

Rest assure we have already taken action and will be operating as usual ASAP

Stay tuned for more updates

— Bondly (@BondlyFinance) July 15, 2021

Bondly token price crashed  more than 60% within 3  hours following the attack. PeckShield, a blockchain security and data analytics company, explained the value drop with a 373 million token mint on the Ethereum blockchain. PeckShield also agreed that the huge mint on Ethereum was performed by the owner’s address, essentially accusing Bondly of performing a rug pull.

Bondly was launched on polkadot in 2020 by former managing partner at Shuttle Capital, Brandon Smith as a DeFi protocol to  “offer an ecosystem of decentralized products that enable anyone to execute digital payments between peers,” the official description states

 Rug pulls, Flash loan attacks, or exploits are common within the DeFi ecosystem. PancakeBunny, a well known decentralized finance protocol built on Binance Smart Chain (BSC), was the subject of an exploit in May after a hacker made off with more than $200 million worth of crypto assets.

BSC-based DeFi exchange BurgerSwap was also exploited by hackers regarding $7.2 million value of crypto assets, including Burger tokens, Wrapped BNB and Tether (USDT) stolen from the platform.

Another BSC-powered DeFi project, Bogged Finance, suffered a flash loan exploit that drained $3 million, which was half the liquidity on the platform at the time of the attack.

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