Fraud and Scams

Akropolis Project got Hacked!

Akropolis reported that it was under attack; the hackers have drained the DeFi protocol’s savings pool to $2M in DAI stablecoin. A tweet by Akropolis stated:

“We recently identified a hack executed across a body of smart contracts in the “savings pools” that have been audited twice. We are working with security specialists and on-chain analytics providers and aim to make a more detailed statement shortly. “

But, in a follow-up tweet, the DeFi protocol assured its users that their staking pools were safe and that the hack only affected the Y and sUSD Curve pools:

“Staking pools are safe, the hack only affected Curve Y and Curve sUSD savings pools”

Etherscan stated that the hack had taken place in consecutive batches last “Nov-12-2020 at 12:04 PM UTC” and the alleged hacker have executed the exploits on Akropolis’ saving pools.

The hacker also sapped the pool of $2M in DAI tokens, and then transferred them to a different address:

The stolen funds haven’t been moved as of now. Despite being an audited protocol by blockchain auditing firm CertiK, the project still experienced an attack by cybercriminals, which got one Twitter user going by the name of CryptoKd to doubt the audit company’s abilities.

Additionally, several DeFi projects have been targeted by bad actors. CipherTrace says that crime in the DeFi sector had increased this year through thefts, hacks, and fraud decreased by $1.8B overall across cryptocurrency and blockchain projects.

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