TempleDAO, STAX Finance Hacked in $2,300,000 Exploit

Decentralized finance (DeFi) protocol TempleDAO and its affiliated app STAX Finance were compromised in an alleged attack earlier this week.

in a statementSTAX advised users to refrain from making deposits into STAX contracts and confirmed that approximately $2.3 million worth of crypto assets were stolen.

“Earlier today, on Tuesday, October 11, a series of txs routed through STAX led to a total of 321,154 xLP tokens being taken from the xLP Staking contract at 13:08 UTC time. These tokens were exchanged precisely for 1,418,303 TEMPLE and 1,262,438 FRAX; 1,418,303 TEMPLE were sold by FRAX”.

Blockchain security firm PeckShield also confirmed the hack and said that the exploiters were able to send the crypto to another Ethereum address.

“It appears that TempleDAO was exploited. The exploiter funded from SimpleSwap and already transferred 1,831 ETH (~$2.34M) to a new address 0x2B63d…B5A0.”

Font: Peckshield/Twitter

STAX said it identified only one entity involved in the attack and said it was the result of a missing “onlyMigrator check,” a part of the smart contract that governs the platforms’ opt-in feature.

“The cause of this is an exploit in the StaxLPStakeing contract due to a missing onlyMigrator check.

TempleDAO sure users that their central vaults are safe from the exploit and do not share any common code or connection to STAX.

TempleDAO says that the situation is now under control and the exploiters will not be able to cause further harm. It is also working with Binance as the explorer account is associated with the crypto exchange.

“We are following up with Binance and will initialize a white hat bounty for the exploiter. We are increasing our existing reward with Hats Finance and establishing secure communications if the hacker decides to return the funds and receive a legal reward.”

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Featured Image: Shutterstock/Clever Arts 2

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