Dough Finance Loses $1.81 Million in Exploit, Security Firm Reports

IconCryptoNewsTerminal Staff12 Jul, 2024

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Dough Finance Loses $1.81 Million in Exploit, Security Firm Reports

Blockchain security firm SlowMist has detected abnormal activities on decentralized finance (DeFi) protocol Dough Finance, leading to a loss of 1.81 million USD. The incident highlights the need for robust security measures in the DeFi ecosystem. SlowMist reported the incident through its official channels, stating that the attackers exploited a vulnerability in Dough Finance's smart contract. This allowed them to execute a series of transactions that resulted in the theft of funds. Dough Finance has acknowledged the incident and is working to recover the lost funds and prevent similar attacks in the future. The DeFi industry has witnessed a surge in security breaches in recent years, emphasizing the importance of prioritizing security measures such as code audits, secure coding practices, and robust infrastructure.

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