Bondly Finance warns users to ‘stop trading now’ following alleged exploit

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Top 5 crypto scams to watch out as a trader or investor2

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

Bondly Finance has yet to provide details regarding the attack, aside from being compromised by an unknown party. “Rest assure, we have already taken action and will be operating as usual as soon as possible,” the official announcement reads.

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

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

Flash loan attacks, rug pulls or exploits are not uncommon in the DeFi ecosystem. PancakeBunny, a popular 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 with about $7.2 million worth 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.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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