Fund pool was hacked DODO: working hard to save some funds

On March 9th, Luciano, the founder of DeFiLATAM, the DeFi community in Latin America, tweeted that the wCRES/USDT fund pool on the decentralized exchange DODO seemed to be hacked and transferred to WrappedCRES (wCRES) worth nearly US$980,000. USDT of 1.14 million USD.

Later, DODO said on Twitter that the DODO v2 version of WSZO, WCRES, ETHA, and Fusible crowdfunding pools were attacked, and the team has offline related capital pools to build pool entrances. The team stated that the attack only affects the DODO v2 crowdfunding pool. Except for the v2 crowdfunding pool, all other fund pools are safe; the team is investigating in cooperation with security companies and working to save some of the funds.

It is worth mentioning that with the development of DeFi, DEX transaction volume continues to hit new highs. On February 28 this year, the weekly trading volume of the decentralized trading platform DODO also set a historical record, reaching US$470 million.

Just before the attack, the decentralized trading protocol DODO also released its latest roadmap on March 8, indicating that it will pay more attention to areas such as new asset issuance, institutional market makers, NFT pricing, and multi-chain support. DODO said that the new asset issuance plan adds whitelist, hard cap and vDODO quota functions; the institutional market maker practice plan launches the DODO team’s own market-making strategy, and cooperates with more market makers to explore high-yield funds; it will use The PMM algorithm supports the securitization, pricing, trading, and buyout of assets such as NFTs; in addition to the currently supported Ethereum and BSC, it is also being developed to support Heco, OKchain, Clover, Moonbeam, Arbitrum, and Avalanche.

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In spite of the amazing growth of DeFi in the past period of time, the issue of fund security is still a major problem. According to the “2020 Cryptocurrency Crime and Anti-Money Laundering Report” released by CipherTrace, a cryptographic analysis company, Decentralized Finance Protocol (DeFi) is becoming the hardest hit area for crypto hacker attacks. The boom in the DeFi field has attracted the attention of hackers. The report shows that DeFi hackers accounted for 21% of the total theft in 2020, and in 2019, the number of DeFi hackers is almost negligible.

In any case, DeFi has become one of the fastest growing trends in the crypto industry, comparable to the ICO boom in 2017. However, in the face of frequent attacks, how to better ensure the security of funds has become the top priority of DEX development.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.