Decentralized finance (DeFi) protocols have suffered numerous attacks in recent months, and Bondly Finance has become the latest to lose funds to hackers.
Bondly Finance lost funds due to an attack
The Bondly Finance team has announced earlier today that they have suffered an attack. Following the attack, the team has advised its community members to stop trading the BONDLY token until further notice.
The team announced this via a tweet earlier today, pointing out that they are yet to ascertain the source of the attack. However, the developers said they had taken action and operations will resume as soon as possible.
🚨Attention Bondly Community:
Unfortunately we have been compromised by an unknown party
We would like to take this time to advise you to STOP TRADING $BONDLY
Rest assure we have already taken action and will be operating as usual ASAP
Stay tuned for more updates
— Bondly (@BondlyFinance) July 15, 2021
BONDLY token’s price down by over 60% since the attack
The Bondly Finance team hasn’t provided further information on the attack. It is still unclear how much was stolen from the platform. Blockchain security and data analytics firm PeckShield explained the attack via a series of tweets.
According to PeckShield, attackers minted 373 million BONDLY tokens on Ethereum, causing the price of the token to drop. Since the attack a few hours ago, the price of BONDLY has dipped by over 60% attack.
PeckShield explained that the 373 million BONDLY tokens were minted on the developer’s address, suggesting that it was a rug pull rather than an attack by an outsider. Several DeFi protocols have suffered attacks in recent months, especially those on the Binance Smart Chain. Bondly Finance is a DeFi e-commerce platform on the Polkadot blockchain that makes it easier for people to pay for goods.