The loan-based loan-based loan platform, Term Finance said that it had recovered nearly a million dollars after a wrong price, Oracle has caused erroneous liquidations on its hut in trees (Teth).
THE issue started when a new ETH Oracle provided incorrect price data to the system. This has caused automatic liquidations, around 1.6 million dollars in positions.
Term finance clarified in a Publish That the incident was not a hacking, no smart contract was involved and no user has been attacked, explaining that a technical bug in the configuration of the new Oracle caused the problem.
The episode shows again how vital oracle flows are at the DEFI ecosystem. Even tiny things can be catastrophic with regard to intelligent contracts.
The term finance recovers half of the lost funds
The term finance immediately rushed to recover the missing assets. Of the 918 ETH lost in total, they reinstated 556 ETH. In particular, the 223,197 ETH, valued at around $ 400,000, was seized by the internal platform. 333 other ETH, worth around $ 600,000, were returned after the term called “negotiations”.
It also remains unknown which was included in the negotiation or in what terms the pact was made. The company has not yet disclosed additional information concerning the method.
With attempts to take over, the remaining loss is now 362.03 ETH – around $ 650,000 at today's market rates. It is much less harmful than that before, and it removes pressure on term financing and its community.
The website has not recognized this until the media coverage appeared, and the company has since declared that it would carry out an in -depth examination of its oracle integration process to avoid such problems in the future. He also suggested that users affected by bad liquidations could be eligible for additional compensation, although no official decision has been made.
Crypto Attacks SPARK ATTOCUS
The term funding incident was not the only bad news in the crypto this weekend. The DEFI industry was shaken by a chain of attacks, highlighting continuous risk.
Impermax Finance said on Saturday that a flash loan attack had struck its V3 pools. The feat siphone more than $ 150,000 of the protocol, according to the security company Blockchain Tenarmor. Immeaire apologized to users and said that a full post-mortem would soon be published.
For its part, another Solana Defi platform, Mudlost $ 5.8 million in a feat. The attackers took advantage of the security holes, contributing to a growing statement of challenges this year.
A centralized platform is not an exception either. Crypto Exchange Bitget revealed a loss of $ 20 million after the pirates operated a market linked to an obscure token. Bitget said he had discovered eight accounts suspected of being involved in the program and would ask for legal action against people behind them.
The most recent attacks underline how unsafe the greatest players. The data suggest that very few is recovered from many hacks. Take the CEO of Bébit Ben Zhou, for example; He recently revealed that only 3.84% of the stolen funds from their February breakage had been frozen. Almost 28% of stolen funds – worth millions of dollars – have already become “dark”, tributaries in mixers and peer -to -peer networks, where they become impossible to trace.
It was a rare victory compared to many other cases in which the victims are empty -handed. And yet, the incident has a fundamental weakness of global safety standards and risk management practices in the DEFI industry.
The largest deffi becomes, the more the stakes are high And some projects could soon regret not to budget more for technical failures.
Cryptopolitan Academy: to come soon – a new way of winning a passive income with DEFI in 2025. Find out more
