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DeFi Project, Bondly Finance Suffers Latest DeFi Attack

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DeFi Project, Bondly Finance Suffers Latest DeFi Attack

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The Bondly Finance Decentralized Finance (DeFi) platform is the latest platform that is being exploited by criminals.

As Bondly Finance posted to its users on Twitter today, the details are unclear as of press time:

About an hour before the alert was published, DeFi Prime released details of the addresses involved in the reported exploit.

Blockchain security and data analytics firm Peckshield also released vague details of the exploit, pointing out that there had been 373 million BONDLY mints on Ethereum, causing prices to drop. If these tokens are converted into stablecoins and removed from the protocol, they will be valued at around $ 22 million before the tokens collapse.

BONDLY Dumps By 60%

According to CoinGecko, the token fell by 60% after the exploit. Prior to the attack, Bondley hit an intraday high of $ 0.063 and fell to $ 0.023 in the past few hours. Aside from repeating the above news posted on Twitter, Bondly’s Telegram channel doesn’t provide any further details at press time.

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The extent of the damage has not yet been announced, but an official report may be published and a compensation plan developed for those affected.

Bondly touts itself as an interoperable, transparent, and portable swap protocol that aims to revolutionize traditional escrow methods. The BProtect product is an e-commerce gateway that supports DeFi and is specially integrated into popular online markets through token staking.

The Polkadot-based protocol aims to improve DeFi by providing a peer-to-peer exchange called BondSwap, a payments platform called BondDex, and the aforementioned decentralized custody service called BondProtect.

There is also an irreplaceable token market and a large number of staking options for native tokens of the same name.

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