DeFi Protocol Temple DAO Struck by $2.3M Exploit
The hack equates to around 4% of Temple DAO's total value locked (TVL).
Oct 11, 2022 at 3:01 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/SU2FKXBABZHNHBPAJSAFWUZ7CE.jpg)
Temple DAO has been hit by $2.3 million hack. (Towfiqu Barbhuiya/Unsplash)
Temple DAO, a decentralized finance (DeFi) protocol that offers users yields on deposits, has been hit by a $2.3 million exploit, according to numerous reports on Twitter.
The apparent exploit was first noticed by Twitter user spreekaway, who posted an on-chain transaction that was later verified by blockchain security firm PeckShield.
Temple DAO becomes the latest DeFi protocol to fall victim to an exploit or hack. Last week, Transit Swap lost $28.9 million to a hacker just weeks after crypto market maker Wintermute had $160 million stolen from its DeFi business.
Total value locked on Temple DAO stands at $56.93 million, according to Defi Llama, with the exploit amounting to around 4% of the protocol's assets.
The exploiter has converted all funds to ethereum and transferred $2.34 million to a fresh wallet.
BlockSec, another security firm, identified that the root cause of the exploit was connected to insufficient access control to the migrateStake function, which is a function of the protocol's smart contract.
Temple DAO did not immediately respond to CoinDesk's request for comment.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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