A small mistake that costs a lot – If you follow cryptocurrencies closely, you unfortunately know all too well what is to come. A new protocol Challenge fell prey to a hack. It is precisely PeopleDAO who was the victim of a misappropriation of 76ETH.
PeopleDAO robbed of $120,000
PeopleDAO is a decentralized autonomous organization operating on the Ethereum blockchain. This group was formed with the objective of redeeming a copy of the United States Constitution.
On March 11, PeopleDAO teams announced sad news. Indeed, the treasury of the protocol was exploited and 76ETHeither $120,000were stolen.
PeopleDAO directly wanted to reassure PEOPLE token holders. The protocol said the attack was unrelated to the token’s contract.
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Unlike most DeFi hacks, PeopleDAO was not exploited due to a flaw in one of its smart contracts. In fact, the protocol uses a monthly google sheet spreadsheet to collect information about the monthly rewards of its contributors.
“The accounting manager mistakenly shared a link with edit access in a public Discord channel. The hacker got the editor role via the link. »
After accessing the spreadsheet, the attacker took advantage of his edit right to add a payment of 76 ETH to his own address. He then made the line invisible so that the change would not be detected.
“The modification being hidden, the team leaders did not identify it during the recheck. The csv file containing the insert data was then uploaded and submitted to the CSV Airdrop tool in Safe to distribute the reward. »
This modification was also not detected at the time of the signing of the transaction by 6 of the 9 signatories of the multsig. Result: the treasury carried out the transfer of 76 ETH on the address of the attacker.
PeopleDAO in pursuit of its hacker
Now PeopleDAO is working in conjunction with SlowMist and the crypto-investigator ZachXBT to trace the funds. According to initial analyses, the funds were transferred on the platforms Binance And HitBTC. In addition, they reported the fraud to the FBI and the Federal Trade Commission (FTC).
At the same time, PeopleDAO offered a reward 10% of the amount, i.e. 7.6ETH, to the hacker if he returned the funds. However, it would seem that the latter did not make contact within the allotted 48 hours.
This is unfortunately not the only hack of this beginning of the week. In fact, the protocol Euler Finance was the target of a major hackwhich led to the loss over $190 million.
Hacks are unfortunate hazards, but not inevitable… Play it safe and register now on the PrimeXBT platform (commercial link).
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