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EOS DeFi platform hacked, $5 million in user funds stolen

EOS DeFi platform hacked, $5 million in user funds stolen

DeFi platform hacks are nothing new to the industry, and many projects have fallen victim to hackers and market manipulators. But the Pizza DeFi platform hack was the first incident on the EOS blockchain, U.Today reports. According to a Twitter post, a hacker calling himself or herself itsspiderman used eCurve and minted an infinite number of Tripool tokens, which he or she was able to place on the platform as collateral. Using large amounts of Tripool tokens, the hacker was able to open positions with excess collateral, siphon off real valuable assets, and withdraw them into his or her own wallet. The lost tokens are valued at $5 million.

The platform account said it would try to recover the stolen funds in this case, unprecedented in the industry. But at the same time, the previously hacked PolyChain DeFi managed to get all the stolen funds back from the hacker. In the PolyChain hack, the amount of money stolen was more significant than in the Pizza hack, which also means that it was much more difficult to make a profit on that amount, which is not the case here. The $5 million is already in the hacker's personal wallet, and there is no obstacle for this person to realize most of the stolen funds right now.

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