The creation of products in the decentralized finance market is not new, as we have seen protocols roll out different services over the last few years. In trying to make the space better, a company launched a competition regarded as a game-changer.
Things were going as planned for the First Grey Hat Hackers Competition creators until a group of hackers got backdoor entrance into the website. Upon gaining entrance, the hackers were said to have dropped a message related to them having a product that will surely revitalize the DeFi market.
Hackers say the new product will eliminate money laundering in the DeFi sector
According to the malicious actors, this new product will shape the DeFi market so that things like money laundering that has been rampant in the sector would be eliminated. Notably, the First Grey Hat Hackers is a competition launched by a cybersecurity outfit, Hacken, but the malicious actors who claim to have a new product now control the website.
According to several details, the hackers were said to have been monitoring the event since it first launched some weeks ago. Despite several trials, the malicious actors could access the Leo Andrew website on January 28 and drop their message. Notably, the team might have wanted to take a better approach but saw the First Grey Hat Hackers competition as the perfect opportunity to showcase their skills and present their idea to the host of the competition.
The hackers who go by the name HAPI claim that the new product revitalizing the DeFi sector and eliminating money laundering would be hosted on the two core blockchains, Ethereum and Polkadot. Following the hack, the CEO of Hacken said that he talked briefly with the hackers, and he is impressed with what they are bringing to the table. The CEO mentioned that their product has the potential to change the market like the team claims.
Hacken CEO says the deadline for submission is now January 31
In his statement, the CEO mentioned that the new technology that the firm was looking at would rely heavily on several things, especially digital assets for different uses. Even though the firm’s CEO, Dyma Budorin, mentioned that the hackers indeed hacked their website, he mentioned that the hack was not like the everyday hack that we see on the news. Furthermore, Budorin claims that he is willing to discuss the project with the hackers and hopes that the project serves its purpose when it is eventually created.
“The site’s activities have been restored because the hack is not a typical hack that usually happens. The hackers have shown that they are interested in the competition with what they have done. We have moved forward to make contact and asked them to present the details of their product, and we will see how things turn out,” the CEO said. Budin also mentioned that user data were left untouched, and the deadline for sending in applications on the website is still January 31.