- In a recent attack, Chinese DeFi protocol dForce has lost around $25 million of the total locked value.
- dForce CEO said that the team is still investigating the issue and advised users not to deposit any funds through Lendf.Me.
- Lendf.Me is dForce’s lending solution, which represents an open-source money market protocol.
dForce, a well-known Chinese decentralized finance (DeFi) protocol, has recently been exploited. The total value locked (in USD) in dForce was reportedly reduced from around $25 million to almost nothing in just a few hours as dForce’s lending solution, Lendf.Me, was attacked. A Chainnews report suggests that the team has already “located the problem and advised all users to stop depositing assets in the loan agreement on the web page.” The attack happened on block 9989681.
On-chain data indicates that the attacker has transferred the assets to two other platforms – Compound and Aave. Additionally, data from DeFi Pulse shows that the total value locked (TVL) in USD in dForce was dramatically reduced from $25 million to about $10,000.
In a Telegram message, Mindao Yang, the founder of dForce, said that the lending platform is currently paused as they continue to investigate the issue. He advised users not to deposit any funds through it. This news comes just a few days after dForce closed a successful financing round of $1.5 million led by Multicoin Capital, joined by China Merchant Bank International and Huobi Capital.
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