Furucombo DEX and Bundler Hacked for $15 Million

A breach occurred on Feb. 27 at the decentralized package exchange Furucombo, in which more than $15 million worth of funds were stolen. The Furucombo Twitter team announced the hack on Feb. 28.

Furucombo's proxy was attacked and compromised around 5pm UTC on the day of the announcement. A company representative told me the vulnerability had been patched and the components have been deauthorized.  Moreover, Furucombo prompted its users to make a precautionary step by removing their token approvals on the exchange's site.  

At 4:47 PM UTC today, the Furucombo proxy was compromised. 

$15 Million Taken 

On Feb. 28, the team confirmed that the hack totaled $15 million in stolen funds. Nevertheless, Furucombo also confirmed that user funds are now secure. A company mitigation plan is being developed, and it will be shared in the future. A timeline was not provided. 

A user on Furucombo commented on the update from the exchange stating that they had lost $197,000 in USDT due to the hack. The company asked him how compensation would be paid to him. Responding, a member from the Furucombo marketing team provided the mitigation plan which will be shared with the community in due course. 

Smart contracts have caused special problems for DeFi projects. DeFi projects in particular have suffered dramatically from smart contract exploits. 

DeFi and DEXs Continue to Struggle with Security

The list of projects that have suffered from hackers reads like a book. Akropolis, for example, fell victim to a hacker who siphon $2 million from the project. Farm owners were targeted by thieves for $24 million last year. 

Harvest Finance saw $24 million worth of value stolen from their farms last year. At the time, the DEX claimed it was just a scavenger picking up leftover foods. Whatever happens, it appears DEXs and DEFi contracts still have some challenges to deal with in order to secure their operations. 

Either way, it appears that DeFi smart contracts and DEXs still have a way to go to secure their operations. It is imperative that these projects hire the best in the business to prevent client funds from being lost. Whenever a hacker hits your door, you will be notified and instructed on how to communicate with the DeFi Prime platform and reclaim your allowances. 

Popular DeFi education platform DeFi Prime reached out to inform anyone who has used the service to make use of Revoke.DisclosureAll information posted on this website is valid to the best of our knowledge, but is only provided for informational purposes. 

The constant security issues and exploitations will continue to hurt the cryptocurrency space along with the future of decentralized finance.