Team Finance hacker returns $7M to associated projects after exploit

Four projects have acquired some $7 million price of tokens from the hacker behind the $14.5 million Team Finance exploit on Oct. 27. Over the weekend, the attacker confirmed in a sequence of messages that they might preserve 10% of the stolen fund as a bounty and return the opposite tokens to the affected projects.

The exploiter — a self-described “whitehat” — drained property from Team Finance by means of the Uniswap v2-to-v3 migration. As reported by Cointelegraph, liquidity from Uniswap v2 property on Team Finance had been transferred to an attacker-controlled v3 pair with skewed pricing, defined the blockchain safety agency PeckShield.

The stolen funds included USD Coin (USDC), CAW, TSUKA and KNDA tokens. Some of the affected tokens, comparable to CAW, suffered steep value declines due to the exploit and subsequent liquidity crunch. 

On Oct. 30, Kondux, a nonfungible token (NFT) market, introduced it acquired 95% of the stolen funds, or 209 Ether (ETH), whereas Feg Token recovered 548 ETH. Tsuka’s blockchain protocol additionally confirmed receiving over $765,000 price of the stablecoin Dai (DAI) and 11.8 million TSUKA. Caw Coin — the most important sufferer of the exploit — acquired again $5 million price of DAI and 74.6 billion of its native token, CAW.

We’re thrilled to announce now we have acquired 95% of the exploited ETH again!

Please bear with us within the coming 48 hours ⏳ as we await the $KNDX to return so we will plan our subsequent transfer ahead. ⏩

Massive thanks to the neighborhood for his or her unwavering assist $FEG $CAW $TSUKA

— Kondux (@Kondux_KNDX) October 30, 2022

On Twitter, the protocol urged the hacker to get involved for a bounty fee. According to Team Finance, its sensible contract had been beforehand audited, and builders had quickly halted all exercise on the protocol. The firm was based in 2020 by TrustSwap, which gives token liquidity locking and vesting providers to undertaking executives. The protocol claimed to have $3 billion secured throughout 12 blockchains.

The exploit adopted the Mango Markets assault on Oct. 11, when a hacker manipulated the worth of the platform’s native token, MNGO, to obtain larger costs. The attacker then took out vital loans towards the inflated collateral, draining Mango’s treasury.

After a proposal on Mango’s governance discussion board was permitted, the hacker was allowed to preserve $47 million as a “bug bounty,” whereas $67 million was despatched again to the treasury.


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