Another DeFi Project Bites The Dust: $2 million stolen from Akropolis
- Akropolis seems to have been hacked with the attacker taking around $2 million in DAI tokens.
- The exploit involved the Curve saving pools from Akropolis.
Akropolis is a decentralized platform that allows users to borrow and lend cryptocurrencies or build their own projects. The Delphi app is a new DeFi yield farming platform created by Akropolis that enables users to earn rewards for Saving or Liquidity Provision.
Like many other DeFi yield farming projects, Akropolis seems to have been hacked through an exploit that involves Curve. The hacker managed to steal around $2 million in DAI tokens. Akropolis price has already plummeted by 25% in the past few hours.
DeFi projects getting hacked happens too often
It seems that more and more DeFi yield farming projects are subject to exploits or hacks, as well as the so-called ‘rug pulls’ which is basically a term to describe the team of a project running away with the funds of customers.
In October 2020, Harvest Finance suffered a major $24 million hack, which involved a similar price-manipulation technique that Akropolis suffered. The $2 million stolen in DAI has already been transferred to several addresses and it’s now sitting inside this one. The address will most likely be blacklisted on most exchanges soon.
According to a recent report by cryptocurrency forensics platform Ciphertrace, around $100 million has been stolen from DeFi projects this year alone. In the first half of 2020, DeFi hacks have equated to 40% of hacked volume.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
