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Imunefi Reports Dynamic.fi’s Pledge Contract Hack Due to Accounting Error

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According to reports, Imunefi, a smart contract vulnerability reward platform, said on social media that dynamic. fi\’s pledge contract was hacked by 73.8 BNB, …

Imunefi Reports Dynamic.fi’s Pledge Contract Hack Due to Accounting Error

According to reports, Imunefi, a smart contract vulnerability reward platform, said on social media that dynamic. fi’s pledge contract was hacked by 73.8 BNB, with a value of about $22634, due to incorrect accounting treatment of the deposit function.

Dynamic.fi’s pledge contract was blacklisted 73.8 BNB

Interpretation of the news:


Imunefi, a smart contract vulnerability reward platform, issued a statement on social media reporting the hack of dynamic.fi’s pledge contract. This hack resulted in the theft of 73.8 BNB, which is equivalent to about $22634. The vulnerability that led to the hack was caused by an incorrect accounting treatment of the deposit function.

The smart contract concept is based on automatic execution of code upon contract conditions being met. Smart contracts are immutable, meaning that once they have been deployed, they cannot be modified. If a vulnerability exists, it can be exploited with disastrous consequences. The concept behind vulnerability reward platform like Imunefi is to promote secure smart contract development by incentivizing security researchers to identify vulnerabilities and report them for reward.

Dynamic.fi, a platform designed to democratize yield farming by developing trustless and decentralized tools for safe and easy crypto asset management, created a pledge mechanism that locks up users’ funds for 28 days to access certain functionality. The hack itself involved an accounting error with the deposit function that allowed a malicious user to withdraw the locked up funds.

This hacking incident highlights two important issues with smart contracts: first, human error can cause significant security vulnerabilities that can be exploited for theft; second, once a smart contract is deployed, it is immutable, which means that vulnerabilities can continue to exist indefinitely. Smart contract developers need to be aware of these issues and take appropriate measures to minimize the risk of attacks.

Imunefi deserves credit for encouraging security research by providing incentives to identify vulnerabilities before they can be exploited. Platforms like dynamic.fi will benefit greatly from this kind of input, as it can help them design and improve their smart contracts to make them more secure.

In conclusion, the hacking of dynamic.fi’s pledge contract is a reminder of the risks inherent in smart contract development. The growing number of service providers like Imunefi that incentivize security researchers to find vulnerabilities is a positive sign for the industry, as it can help to identify security issues and resolve them before they result in financial losses to investors.

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