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DeFi Project Thena on BSC Chain Attacked Resulting in $20,000 Loss

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On March 28th, it was reported that the DeFi project Thena on the BSC chain was attacked, resulting in a loss of approximately $20000, according to the monitoring by the OKLink sec

DeFi Project Thena on BSC Chain Attacked Resulting in $20,000 Loss

On March 28th, it was reported that the DeFi project Thena on the BSC chain was attacked, resulting in a loss of approximately $20000, according to the monitoring by the OKLink security team of the Ouke Cloud Chain. According to the security team’s analysis, the main cause of this attack event is that the Strategy contract upgrade introduced some configuration issues, and the unstake function did not perform permission verification, resulting in attackers being able to call the unstake function and pass in parameters_ Beneficiary, unstack the user’s pledged assets to_ Beneficiary address. Taking one of the transactions as an example, the attacker calls the unstake function to set_ Beneficiary is an attack contract that removes user assets and completes the attack.

Thena, the DeFi project on the BSC chain, was attacked, resulting in a loss of approximately $20000

On March 28th, it was reported that the DeFi project Thena on the BSC chain was attacked, resulting in a loss of approximately $20000, according to the monitoring by the OKLink security team of the Ouke Cloud Chain. This incident has raised concerns about the security of DeFi projects and the importance of implementing proper security measures to avoid such events from happening in the future.

What is DeFi?

Before discussing the Thena project attack, let’s first understand what DeFi is. Decentralized Finance or DeFi is an alternative financial system built on blockchain technology. DeFi protocols operate on blockchain networks and offer financial services such as lending, borrowing, trading, and staking without the need for intermediaries such as banks or financial institutions. DeFi projects have gained popularity in recent years, as they offer transparent, secure and open access to financial services to anyone with an internet connection.

The Thena Project Attack

According to the security team’s analysis, the main cause of this attack event is that the Strategy contract upgrade introduced some configuration issues, and the unstake function did not perform permission verification, resulting in attackers being able to call the unstake function and pass in parameters_ Beneficiary, unstack the user’s pledged assets to_ Beneficiary address.
Taking one of the transactions as an example, the attacker calls the unstake function to set_ Beneficiary is an attack contract that removes user assets and completes the attack. This highlighted the need for proper security measures to be put in place when developing and upgrading DeFi projects.

Importance of Security in DeFi Projects

Security is a fundamental aspect of DeFi projects. The Decentralized nature of DeFi makes it important to build secure, tamper-proof systems that are resistant to hacks and attacks.
DeFi projects must establish proper security measures to reduce or eliminate the risk of attacks. It is crucial to carry out comprehensive security audits with independent third-party auditors to ensure project safety. Furthermore, auditing of smart contract code is essential to detect and prevent vulnerabilities.

DeFi Risks and Challenges

DeFi has opened up opportunities for investors and traders to earn a good return on investment, but it comes with significant risks and challenges.
Smart contract hacks, price crashes, market volatility, and insufficient liquidity are some of the risks and challenges associated with DeFi projects. Thus, it is crucial for investors to carry out due diligence before investing in any project, understand the risks associated with investing, and take appropriate precautions.

Conclusion

The Thena DeFi project attack highlights the importance of proper security measures in DeFi projects. DeFi projects must prioritize security and take action to prevent such attacks. Investors must exercise caution when investing in DeFi projects, undertake adequate due diligence, and implement appropriate security measures to secure their investments.

FAQs

Q: What does DeFi stand for?
A: Decentralized Finance
Q: What caused the Thena DeFi project attack?
A: The Strategy contract upgrade introduced some configuration issues, and the unstake function did not perform permission verification.
Q: What are the risks associated with DeFi projects?
A: Risks and challenges associated with DeFi projects include smart contract hacks, price crashes, market volatility, and insufficient liquidity.

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