Arbitrum

Seneca

Tornado

<p class="is-style-lead">The WOOFi development team has acknowledged an exploit of its swap contract on Arbitrum while assuring users that all other WOO contracts remain safe.</p>
<p>WOOFi’s smart contract for swapping tokens on <a href="https://crypto.news/tag/arbitrum/" target="_blank" rel="noopener noreferrer nofollow">Arbitrum</a> WooPPV2 suffered an exploit, resulting in a loss of $8.5 million worth of crypto, according to Cyvers Alerts. Analysts revealed in <a href="https://x.com/CyversAlerts/status/1765053098706227635?s=20" target="_blank" rel="noopener noreferrer nofollow">an X post</a> on Mar. 6 that the hacker funded its operation through a <a href="https://crypto.news/tag/tornado-case/" target="_blank" rel="noopener noreferrer nofollow">Tornado Cash</a>-related address in Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) to cover transactional costs.</p>
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   <p lang="en" dir="ltr">🚨UPDATE🚨<a href="https://twitter.com/_WOOFi?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@_WOOFi</a>'s WooPPV2 contract has been exploited on ARB! and our AI powered system has detected the attacker's malicious transactions!👇<br><br>Total loss is $8.5M. Attacker was funded by <a href="https://twitter.com/TornadoCash?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@TornadoCash</a> on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>. <br>Attacker started distrusting stolen funds to different EOA and other… <a href="https://t.co/hYf0F3QwHS" target="_blank" rel="noopener noreferrer nofollow">https://t.co/hYf0F3QwHS</a> <a href="https://t.co/1s9NtbkabI" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/1s9NtbkabI</a></p>— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1765053098706227635?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 5, 2024</a>
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<p>You might also like: <a href="https://crypto.news/seneca-protocol-hacker-returns-5-3m-from-the-6-4m-breach/" rel="noopener noreferrer nofollow"> Seneca Protocol hacker returns $5.3m from the $6.4m breach </a></p>
<p>Analysis done by the firm also revealed that the hacker has already distributed stolen funds to different externally owned accounts on other blockchains using cross-chain bridges. While the exact nature of the hack remains undisclosed, the WOOFi team stated in a follow-up update that all other WOO contracts are secure.</p>
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   <p lang="en" dir="ltr">2/ While we update the contract and secure additional audits, WOOFi Pro, Stake, and Earn remain unaffected and fully operational. Should any WOOFi Earn depositors wish to withdraw their funds, they can do so as usual.</p>— WOOFi (@_WOOFi) <a href="https://twitter.com/_WOOFi/status/1765150689380937848?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 5, 2024</a>
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<p>The WOOFi team has announced a 10% whitehat bounty for the individual responsible for the exploit. Additionally, a bounty has been announced for any information leading to the identification of the attacker, although the size of the bounty was not specified.</p>
<p>Launched in November 2021, WOOFi is a decentralized exchange that offers both swapping services and trading activities through two different products. Following the news, WOOFi’s native token WOO experienced a nearly 8% plunge to $0.5, according to CoinMarketCap.</p>
<p>Read more: <a href="https://crypto.news/hackers-target-coinbase-binance-staff-with-phishing-clones-of-gmail-icloud/" rel="noopener noreferrer nofollow"> Hackers target Coinbase, Binance staff with phishing clones of Gmail, iCloud </a></p>

WOOFi launches 10% whitehat bounty following $8.5m exploit of its Arbitrum contact

crypto.news

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