Skyward Finance Suffered $3 Million on Near Protocol

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Last Updated on November 3, 2022 by Bitfinsider

Unknown hackers stole $3 million from Skyward Finance, a Near Protocol launchpad initiative.

The Skyward Finance team recognized the exploit and stated, “The Skyward Treasury has been depleted due to a contract exploit.”

According to the security company BlockSec, the attack was carried out with a single transaction. In this transaction, the hacker redeemed more than 1,100,000 Near tokens wrapped in a loop from Skyward’s treasury contract for $3 million.

The contract was accessible to the general public and could be used by anybody desiring to exchange Skyward Finance tokens for Near tokens.

The contract’s token-redemption function failed to check for duplicate token account IDs, according to a statement published by BlockSec with The Block.

The incident occurs as the number of crypto hacks continues to rise. In the last month alone, 44 exploits caused losses in excess of $650 million.

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