Skyward finance exploit allegedly ends in $3 million loss


Skyward finance, an IDO platform enabling honest token distribution for initiatives on the NEAR Protocol, has reportedly been exploited for 1.1M NEAR tokens, value an estimated $3 million USD at time of publication. 

The information was shared on Twitter by Aurora Lab’s group moderator Sanket Naikwadi, who acknowledged that the exploit was first seen by a member of the NEAR protocol group, who goes by the deal with @Nearscout.

The @skywardfinance was simply exploited for ~1.1M $NEAR Tokens (Value ~3M) .

Thnx to @NearScout for noticing the treasury drain, he pinged me asking if one thing is flawed with skyward… then we seemed into contract txns and came upon in regards to the exploit and sus txns.


— SankΞt Ⓝ⚡️| sanketn81.close to ,sanketn81.lens (@sanket_naikwadi) November 2, 2022

Based on the collection of tweets on the exploit, Ref finance — a community-led multi-purpose DeFi platform constructed on the NEAR Protocol — and the Skyward crew have been notified of the drain.

The exploiter reportedly initiated the drain by shopping for numerous skyward tokens on Ref Finance, and “then redeemed it by means of Treasury on Skyward Finance.”, the place they seem to have “acquired numerous NEAR than what 1 SKYWARD was value”.

Naikwadi cautioned SKYWARD Token holders to redeem or swap their tokens wherever they’ll, and not work together with Skyward Finance, including that the “Hacker has already withdrawn NEAR to numerous completely different wallets.”

In case you’re a SKYWARD Token holder redeem/swap wherever you’ll be able to and not work together with Skyward Finance.
Hacker has already withdrawn NEAR to numerous completely different wallets.

Large shoutout once more to @NearScout.
additionally, Shoutout to @pikespeak_ai , it helped loads in figuring out the txns

— SankΞt Ⓝ⚡️| sanketn81.close to ,sanketn81.lens (@sanket_naikwadi) November 2, 2022

Associated: Barely midway and October already the largest month in crypto hacks: Finance Refined

Exploits throughout the Defi ecosystem seem like on the rise. Blockchain analytics agency Chainalysis recentlylabeled October 2022 as “the largest month within the greatest yr ever for hacking exercise.”

On Oct 12, Cointelegraph reported that $100 million value of cryptocurrency was drained from Solana-based decentralized finance (DeFi) alternate Mango Markets, leading to its token plunging by 52%. On the identical day of the Mango Market’s exploit, TempleDAO was additionally exploited for $2 million.


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