Crypto Launchpad Team Finance Suffers $14.5M Exploit

The platform has paused all activity till the exploit has been mitigated.

AccessTimeIconOct 27, 2022 at 10:53 a.m. UTC
Updated May 9, 2023 at 4:00 a.m. UTC
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Team Finance, a crypto token launchpad, has suffered a $14.5 million exploit in relation to a smart contract bug in its migration feature, the firm said on Thursday.

The platform has paused all activities in the wake of the exploit, it said in a tweet. It has also urged the exploiter to get in contact for a bug bounty payment.

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  • The exploiter targeted the Uniswap v2 to v3 migration function, which had previously been audited.

    The firm said that it has reached out to the exploiter to find a resolution and has contacted exchanges to blacklist the exploiters' address.

    Team Finance joins a slew of crypto firms that have exploited recently. Decentralized exchange Mango Finance that suffered a $114 million exploit earlier this month, while BNB Smart Chain was hit with a $100 million exploit on Oct. 7.

    The platform currently has $127 million in total value locked (TVL) following the loss, down from $147 million yesterday according to data from DefiLlama.

    UPDATE (Oct. 28, 06:41 UTC): Adds details from Team Finance's statement.

    UPDATE (Oct. 27, 11:30 UTC): Adds context and details throughout.

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    Parikshit Mishra

    Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.


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