$2 Million Hacked: DeFi Protocol Faces Smart Contract Risk

Monday, 11 March 2024, 21:30
A hack on the DeFi protocol Unizen resulted in $2 million in losses, highlighting the ongoing security challenges within the DeFi space. The incident exposed a critical smart contract vulnerability, allowing unauthorized access and theft. The platform is taking steps to enhance security and compensate affected users, emphasizing the need for improved security measures in the DeFi community.

Hack on DeFi Protocol Unizen

The DeFi protocol Unizen recently suffered a hack, resulting in approximately $2 million in losses.

Smart Contract Vulnerability

Blockchain cybersecurity firm PeckShield identified an 'external call vulnerability' in one of Unizen's smart contracts, enabling hackers to execute unauthorized commands and steal funds.

Compensation and Security Enhancements

Unizen's CEO, Sean Noga, pledges to reimburse 99% of the losses using personal funds and is working on improving platform security to prevent future breaches.

The incident highlights the pressing need for heightened security measures and early threat detection in the DeFi ecosystem.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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