FORCE token sees volatile 24 hours following coordinated attack on ForceDAO

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Hackers made off with 183 Ethereum (ETH), price roughly $386,000 on the time of writing, following a coordinated assault on DeFi platform ForceDAO Sunday. Following an preliminary selloff, ForceDAO’s native FORCE token was in restoration mode on Monday, capping off a extremely unstable 24 hours for the newly launched undertaking. 

ForceDAO detailed the Sunday exploit in a series of tweets, taking possession of the “engineering oversight” that resulted within the assault, which centered across the platform’s xFORCE contract. 

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In a follow-up weblog put up, Alberto Cevallos explained:

“The exploiters had been in a position to deposit FORCE tokens that might fail the switch [f]rom name and obtain xFORCE tokens, because the xFORCE contract expects a revert from the token however as a substitute receives false.”

He continued:

“A consumer may then withdraw these newly minted xFORCE tokens for the remaining FORCE tokens within the vault, and liquidate them for ETH on exchanges.”

An extra 14.8 million FORCE tokens had been compromised within the preliminary assault, although they’ve since been returned to the pool.

Typically described as a quantitative hedge fund, Drive is each a protocol and decentralized autonomous group, or DAO, that’s designed to supply higher-yielding DeFi alternatives for its neighborhood.

The FORCE token collapsed greater than 99% on Sunday, from $2.21 to a low of simply 2 cents, based on CoinGecko. The token has since recovered 173% within the final 24 hours.