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Team Finance loses $14.5M to smart contract bug exploit

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Team Finance, a web3 infrastructure platform enabling businesses to secure tokens, suffered a hack that resulted in the loss of assets worth $14.5 million on Oct. 27, the firm tweeted.

Blockchain analysis and security firm PeckShield estimated that the hacker made off with $15.8 million worth of cryptocurrencies.

Team Finance said in a Twitter thread that the attacker exploited the flawed V2 to V3 migration feature, which had previously been audited.

The hacker used 1.76 Ethereum (ETH) tokens withdrawn from FixedFloat to launch the attack. The attacker has kept the entire loot parked in a single wallet. The total loss includes 880 ETH and 6.4 million DAI tokens, among others, according to PeckShield.

Team Finance, a product offering of TrustSwap, assured users that the remaining funds on the platform are no longer at risk from the same hacker.

However, the platform, which is “unsure of the details” of the attack, has suspended all activities until all vulnerabilities are fixed. Team Finance has also urged the hacker to contact the team for a bounty payment.

The total value locked (TVL) on Team Finance plunged from $147.03 million to $128.39 million after the attack, according to DeFiLlama data.

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