Reserved IP Address°C
04-29-2025
BSV
$38.83
Vol 46.31m
-4.43%
BTC
$95100
Vol 28021.98m
-0.39%
BCH
$373.01
Vol 291.84m
5.01%
LTC
$86.03
Vol 362.88m
-1.44%
DOGE
$0.17
Vol 1188.09m
-1.8%
Getting your Trinity Audio player ready...

Three major DeFi exploits have taken place within the last week. This time around, we are seeing DeFi projects on emerging platforms like the Binance Smart Chain become the victim of hacks, exploits, and security breaches.

These aren’t the first DeFi exploits of 2021, however, they are unlikely to be the last.

Meerkat Finance

On March 4th, Meerkat Finance, a DeFi project launched on the Binance Smart Chain, was the victim of an exploit that drained $31 million from the project. The exploit took place just one day after Meerkat Finance launched.

Many believe that the Meerkat Finance attack was a rug-pull/exit scam, an attack in which the creator of the project or the project’s team members drain the funds to their own wallets. Shortly after the attack took place, the Meerkat Finance website and Twitter account were deleted.

PAID Network

On March 5th, Ethereum-based project PAID Network was exploited for $160 million. The attacker was able to exploit the PAID contract’s token minting feature to fraudulently mint roughly $60 million worth of PAID tokens to their own wallet. Subsequently, the attacker exchanged their newly minted tokens through Uniswap in return for about 2,000 ETH.

Dodo Finance

The most recent DeFi attack that took place was the Dodo Finance exploit. Dodo Finance is a decentralized exchange that lives on both Ethereum and Binance Smart Chain. On March 8th, the Dodo Finance attacker was able to exploit a bug in the Dodo contract that allowed them to fraudulently mint new tokens, the attacker also used flash loans to make the most of their attack.

Afterward, the attacker used their illicitly minted tokens and funds from the flash loan to drain the Dodo Finance liquidity pools to the tune of approximately $3.8 million.

However, the Dodo Finance team believes that $1.88 million in stolen funds will be recovered.

Recommended for you

The crypto grift call is coming from inside the (White) house
Two senators rally for "an urgent inquiry" into Trump's private dinner for $TRUMP holders, which they say could implicate ethics...
April 29, 2025
The hidden problem behind Ethereum’s endless upgrades
Ethereum has a long history of upgrades, and while some of them were positive and neutral, the network remains unscalable.
April 29, 2025
Advertisement
Advertisement
Advertisement