A DeFi project was hacked and $25 million in assets was recovered in 53 hours

Recently, the DeFi world has experienced a thrilling 53 hours. A well-known project was hacked, which caused a lot of attention in the entire industry.

Fortunately, the hackers weren't clever this time. The day after the funds were stolen, the security team managed to paint an accurate portrait of the hackers based on the clues left before and after the attack. Subsequently, they began to cross-compare with domestic and foreign resources, obtained breakthrough clues, and gradually narrowed down the scope of their search. On the third day, the hacker took the initiative to communicate with the project team under great pressure and began to return some of the assets. After further negotiations, all the stolen assets were eventually successfully recovered.

Although the project eventually saved the day, the incident still sounded the alarm bell for the entire DeFi industry. In addition to the short celebration, practitioners need to have a deep reflection and discussion on DeFi security.

53 Hours of Horror in DeFi

To give readers who are not familiar with this incident a better understanding, let's first review the whole process.

On April 18 and 19, there were two smart contract attacks in the DeFi space, causing a total loss of about $25.46 million. The first attack occurred on a DEX platform, and although the loss amount was $217,000, which was relatively small, it did not attract widespread attention from investors. However, just 24 hours later, another lending platform suffered a similar attack, losing a whopping $25.24 million, almost causing its pool to be emptied, leaving only $6 in assets.

Interestingly, in the midst of this turmoil, many victims shouted at hackers through transaction notes, begging for the funds to be returned. Although this approach may seem helpless, it also reflects the unique ecology of the cryptocurrency world.

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