$2.3M Exploit Hits DeFi Protocol Temple DAO
According to many Twitter reports, Temple DAO, a decentralized finance (DeFi) network that provides users profits on deposits, has been struck by a $2.3 million exploit.
The alleged exploit was discovered by Twitter user spreekaway, who posted an on-chain transaction that was later confirmed by blockchain security firm PeckShield.
Temple DAO is the latest DeFi technology to be exploited or hacked. Transit Swap lost $28.9 million to a hacker this week, just weeks after Wintermute had $160 million stolen from its DeFi firm.
According to Defi Llama, the total value locked on Temple DAO is $56.93 million, with the exploit accounting for around 4% of the protocol’s holdings.
The exploiter has transferred $2.34 million to a new wallet after converting all cash to ethereum.
Another security firm, BlockSec, discovered that the fundamental cause of the exploit was due to poor access control to the migrateStake function, which is part of the protocol’s smart contract.