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DeFi platform Team Finance loses $14.5M to hack



Team Finance, a crypto liquidity provider, reported a $14.5 million exploit on Thursday. Following the announcement, the platform paused all activities and urged the exploiter to get in touch for a bounty prize. “We have temporarily paused all activity through team finance until we are certain this exploit has been remedied.”

Team Finance said they are unsure about the details of the exploit at the moment and are working on analyzing and remedying the situation.

The platform said that the $14.5M USD of tokens stolen were through the audited v2 to v3 migration function.  

Users are not to panic as the platform assures that funds on the protocol at the moment are safe. “All funds currently on Team Finance are not at further risk of this exploit.”

According to Chainalysis, 2022 might out-surge 2021 in the number of network exploitations. With the event, Team Finance has joined the list of crypto firms exploited in 2022. Earlier this month, Mango Finance suffered a $114 million exploit. 

Finally, Team Finance said it would push out more details about the exploit soon.

Here is the Txid of the exploit: 

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