A smart contract problem in Team Finance’s migration function led to a $14.5 million attack, the cryptocurrency token launchpad reported on October 27.
In response to the attack, the site has halted all operations, according to a Twitter post. In order to get a bug bounty payout, it has also recommended the exploiter to contact.
The vulnerability related to an already audited flaw in the v2 to v3 migration method.
$14.5M USD of tokens were exploited through the audited v2 to v3 migration function.
We have temporarily paused all activity through team finance until we are certain this exploit has been remedied.
All funds currently on Team Finance are not at further risk of this exploit.
— Team Finance (@TeamFinance_) October 27, 2022
Team Finance enters the long list of cryptocurrency businesses that have been breached. Mango Finance, a decentralized exchange, was the victim of a $114 million attack early in October, whereas on October 7, BNB Smart Chain was the victim of a $100 million breach.
The exchange currently has $129 million in TVL as a result of the loss, dropping from $147 million on October 26.