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Decentralized Exchange MM.Finance Suffers $2M Exploit

MM.Finance has said that it will compensate and reimburse impacted users.

By Oliver Knight
AccessTimeIconMay 5, 2022 at 12:31 p.m. UTC
Updated May 11, 2023 at 5:07 p.m. UTC
(Shutterstock)
(Shutterstock)
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The largest decentralized exchange on Cronos, MM.Finance, has suffered a front-end exploit that allowed hackers to siphon out more than $2 million in CRO tokens from users.

  • The attack occurred due to a Domain Name System (DNS) vulnerability, with the perpetrator proceeding to insert a malicious contract address that would divert funds to their own private wallet.
  • The stolen funds were sent to Tornado Cash, a privacy protocol on Ethereum, before moving to OKX, according to a series of tweets from MM.Finance.
  • MM.Finance has given the attacker 48 hours to return 90% of the stolen funds, stating that it will contact the FBI if the deadline isn't met.
  • "We have collated the addresses that have lost funds during the attack earlier via the data onchain. Over $2,000,000 will be compensated and reimbursed," the company wrote in a tweet on Thursday morning.
  • According to data from DeFi Llama, liquidity remains in a strong position with $804 million in total value locked (TVL).

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Oliver Knight
Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

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