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International Business Times
International Business Times
Business
Marvie Basilan

DeFi Platform WOOFi Offers 10% Bounty After $8.75M Crypto Exploit

DeFi Crypto Arkham Intelligence Dex Seneca
WOOFi is just one of the crypto firms that have been exploited for millions as threat actors find new ways to access systems. (Credit: Richard Patterson/flickr.com)

KEY POINTS

  • WOOFi said the exploiter took advantage of a vulnerability that caused a price calculation error
  • The exploiter attacked the system using the same flaw three times, as per WOOFi
  • The platform offered the hacker 10% of the pilfered funds and placed a bounty on Arkham Intelligence

Decentralized finance platform WOOFi on Wednesday announced that millions in cryptocurrencies were lost to an exploit that targeted its swap service on the layer-2 Arbitrum network. The platform has since offered a 10% bounty in exchange for the funds.

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