Decentralized finance (DeFi) protocol Zeed, suffered a hack and had a loot of $1 million. The attack, which proved successful, raised numerous questions as the threat actors failed to withdraw the loot.
Most cyber assaults on cryptocurrency organizations are motivated by money, and not taking the spoils of a triumphant campaign is odd. While there has been no information as to the reason for the odd occurrence, PeckShield claims that the hackers forgot to transfer the profit. BlocSec added that he/she was probably too excited.
Following the attack, the protocol was rendered inactive, which suggests that the objective of the attack was to destroy the said firm.
How the Hack Happened
The assault took place at 7:15 a.m UTC. The hackers took advantage of a vulnerability in minting extra reward. Following a successful exploit of the system defect, rewards were sold on the market, crashing the token’s price to zero. A report from Blocsec affirmed that the contract self destructs as manipulated by the threat actor.
The funds may be lost for a long time and investors may be unable to withdraw their money as once a protocol is destroyed, it becomes impossible to transfer funds. There were no further comment as to whether repairs were possible or underway.
More on Zeed
Zeed is a decentralized finance ecosystem that uses innovative products to handle financial transactions. On this protocol, you can conduct cross-chain transactions at the cheapest costs thanks to the underlying financial products deployed.
Although known by a few, Zeed brands an autonomous, decentralized, financially integrated ecosystem that runs on BNB Chain. It hopes to bring to the limelight the application value that’s possible with the blockchain but may have failed due to the cyber attack.
It is also worth mentioning that the identity of the hacker has not been confirmed and it is harder to track him/her due to the unclaimed profit.
