It was a surprise that ForceDAO was targeted by hackers on the day of its launch.
A difficult market start
The newly established decentralized finance protocol ForceDAO got off to a rough start with several attacks from hackers hours after its launch.
The Ethereum-based fundraiser had just launched its airdrop campaign on April 3, when four malicious “black hat” hackers managed to unload a total of 183 ETHs worth about $ 367,000 at the time. A friendly “white hat” hacker helped the team by warning them to prevent further losses.
Following the attack, the team decided to transfer 60 million FORCE tokens from their treasury multi-signature wallet to a distributor wallet to create and execute three votes that would effectively burn FORCE balances at three addresses of the hackers.
A flaw in the contract used by ForceDAO allowed attackers to take advantage of this mechanism to issue xFORCE tokens, which were later replaced by ETH in the markets and withdrawn. The team agreed that preventing the attack would be relatively easy.
He added that the attack is currently under investigation, as some addresses come from popular exchanges FTX and Binance. A snapshot will be taken and the project will be restarted with a new xFORCE token.
Following the launch and airdrop, FORCE token prices rose above $ 2 on April 4, but have since declined more than 95% to $ 0.05.