Skyward’s financial exploit would result in a loss of $3 million

Skyward finance, an IoT platform enabling fair distribution of tokens for projects on the NEAR protocol, has reportedly been mined for 1.1 million NEAR tokens, worth an estimated US$3 million at press time. .

The news was shared on Twitter by Aurora Lab community moderator Sanket Naikwadi, who said the exploit was first noticed by a member of the NEAR Protocol community, who goes by the alias @nearscout.

According to the series of tweets about the exploit, Ref finance – a versatile community-driven DeFi platform based on the NEAR protocol – and the Skyward team were notified of the leak.

The exploiter allegedly initiated the leak by buying a lot of skyward tokens on Ref Finance, and “then bought it back through treasury on Skyward Finance.”, where they appear to have “got a lot NEAR than 1 SKYWARD was worth “.

Naikwadi warned SKYWARD token holders to redeem or exchange their tokens wherever they can, and not to interact with Skyward Finance anymore, adding that “the hacker has already withdrawn NEAR to many different wallets.”

Related: Barely Halfway and October Already the Biggest Month in Crypto Hacks: Finance Refined

Exploits within the Defi ecosystem seem to be on the increase. Blockchain analytics firm Chainalysis recently called October 2022 the “biggest month in the biggest year ever for hacking activity.”

On October 12, Cointelegraph reported that $100 million worth of cryptocurrency had been drained from Mango Markets, the Solana-based decentralized finance (DeFi) exchange, causing its token to plummet 52%. On the same day of the Mango Market exploit, TempleDAO was also mined for $2 million.