dForce was attacked by hackers for $25 million, and the founder details the events.

The dForce platform was attacked by hackers, and founder Yang Minda publicly reviewed the incident.

On April 19, dForce’s currency market Lendf.Me suffered a Hacker attack, resulting in approximately $25 million in assets being extracted from the contract. Yang Mindao detailed the events and subsequent handling of the incident in a statement.

The incident occurred around 9:15 Beijing time, when the platform’s internal monitoring system detected abnormal transfer activities. The team quickly took action, suspending the operation of Lendf.Me and USDx contracts, and temporarily shutting down the website for investigation. Currently, the investigation is still ongoing, and the team has obtained some information related to the Hacker, and the attack activities have ceased.

Since the incident occurred, the dForce team has been actively seeking solutions. They are collaborating with top security teams to conduct a comprehensive security assessment of Lendf.Me. At the same time, they are discussing feasible remedial measures with partners. Despite being attacked, the team has stated that they will not give up easily. In addition, they are working with major trading platforms, over-the-counter traders, and law enforcement agencies to recover stolen funds and trace the Hacker’s actions.

The attack primarily exploited a vulnerability in the ERC777 standard of the imBTC asset, implementing a reentrancy attack. The attacker used the callback mechanism to repeatedly use counterfeit imBTC as collateral for lending.

Yang Mindao emphasized that this attack not only affected users and partners but also caused serious financial losses to him personally and the entire team. He promised that the team would provide the community with more detailed explanations and clarifications before the end of the day.

This event once again highlights the security challenges faced by decentralized finance platforms and reminds industry participants of the need to continuously strengthen security measures to protect user assets.