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Tuesday, December 6, 2022

TempleDAO In Trouble

An exploit has occurred on the Binance Smart Chain that has affected not just TempleDao but other projects as well. We are currently investigating the extent of the damage and will keep everyone updated. Do not use any templedao’s farm or interact with any of our apps until we provide an update. Thank you for your patience and support as we look into this issue.”

A recently launched DeFi project on Binance Smart Chain has suffered a significant loss after an exploit lead to over $2 million in funds being stolen.

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TempleDAO was launched on December 3 by Binance and Bitfinex, meaning that it just celebrated its first birthday last week. The project aims to provide decentralized lending services through its DAI stablecoin backed by ETH and USDT deposits, which it calls the “temple.”

According to a tweet from @BinanceChain, one user managed to steal 2 million dollars worth of TEMPLE tokens when they tricked another user into sending them their login details and password without any verification process taking place first.

According to a tweet from the startup behind the project, TempleDAO, they have now taken their products and services offline while they investigate further. The team noted that it was not just their platform that had been affected.

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“We want to inform everyone that we are aware of the exploit on our smart contracts and its consequences,” the startup said in an official statement released today. “We are currently working hard on fixing this issue.”

TempleDAO Suffer Loss Of $2M

It is unclear how many other projects were affected by this attack or how much money has been stolen from them as of yet. It is also unclear how much damage has already been done or whether there are additional security issues with other EOS-based platforms similar to TempleDao’s which may be exploited at any moment given this new vulnerability has now been made public knowledge.

TempleDao is a decentralized financial platform that allows users to manage their digital assets and invest in high-yield assets. The platform launched on Binance’s smart chain in March 2019, which was the first time that any crypto exchange had launched its own DeFi product.

TempleDao is the latest DeFi platform to be hit by an exploit that resulted in 2 million TEMPL tokens being stolen from a wallet address believed to belong to TempleDao’s treasury wallet. The company itself said it lost 6.3 percent of its total supply during this incident, adding: “This is not our private key.”

The company also stated that they have seen reports of similar attacks on other platforms within the last two days, suggesting that this may be part of a larger attack on various DeFi products in the space.

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