The newly built Ethereum-based DeFi project, ForceDAO, got hacked just after the huge initial launch, leaving users and traders frustrated around the globe.
It was really surprising how the hackers managed to hack into the system of ForceDao that easily, leaving question marks on the security and integrity of not only ForceDAO’s network but also the Ethereum blockchain network overall. Users and traders around the globe are now skeptical about the network’s integrity, with some users and traders already starting to switch platforms which is actually a genuine move because they don’t want their precious hard-earned assets to be taken away from them.
As of now, the team at ForceDAO posted a tweet which states that the security team at ForceDAO has identified the root of the problem and is now working hard to fix it up. In the tweet, they have also assured users that the vaults are safe, with no other funds left to be potentially be stolen. The team at ForceDAO will provide further updates as they progress on securing their networks from hackers and exploiters.
All this has also put a big question mark on the safety and security of investing in cryptocurrency in general. The news about the hacking has sparked many fires around the market. Users are afraid that they have no idea what these hackers are capable of doing to cryptocurrency networks. There is no doubt that hackers around the world are always looking for challenges to overcome.
It is not always wise to call out hackers and challenge them, as it makes them even more excited, boiling their blood to overcome the challenge of breaching networks and all sorts of platforms. Even if the platform has the most secure network, there is always a backdoor that hackers can discover, leading to invisible exploitive breaches, causing data leaks and all sorts of problems into the network.
After the attack, Force experienced a massive drop in the price of up to 90%, leading to a disastrous launch. Many analysts believe it to be a white hat hack on the system. The hack enabled calling of the deposit function in xForce contracts even if there were no tokens left. The contract would then enable xForce token minting. Mudit Gupta stated in a tweet that there were multiple hackers who exploited the network and drained a total of around 1.4 Million Force Tokens, selling them around the market for Ethereum.