FilDA loses $700K in attack on ESC and REI networks

According to reports, PeckShield monitoring showed that FilDA was attacked yesterday on ESC and REI networks, causing approximately $700000 in losses. The attacker bridged approximately 80000 ELAs to BNBChain, exchanged them for approximately 326 BNBs, and then deposited the funds into Tornado Cash. In addition, they bridged 200000 ELAs to Ethereum, exchanged a portion for approximately 17 ETHs, and transferred these ETHs and 160000 ELAs to addresses starting with 0x05dd.

Security team: FilDA attackers exchanged approximately 80000 ELAs for approximately 326 BNBs and deposited them into Tornado Cash

On the 15th of October, 2021, PeckShield monitoring reported that FilDA was attacked on ESC and REI networks, leading to losses of approximately $700,000. The hacker behind the attack reportedly bridged around 80,000 ELAs to BNBChain, exchanged them for 326 BNBs, and then deposited the funds into Tornado Cash. Additionally, the attacker bridged 200,000 ELAs to Ethereum, exchanged some of them for around 17 ETHs, and transferred these and 160,000 ELAs to addresses beginning with 0x05dd.
This article provides an in-depth discussion of the FilDA attack, analyzing the key details of the event and offering insights into the broader implications of this kind of attack. We will cover the specifics of how the hack was executed, the implications of the stolen funds, and the potential methods for preventing similar attacks from occurring.

The Details of the Attack

The attack on FilDA involved two primary exploits that allowed the hacker to transfer funds from the platform to their external accounts. Firstly, the hacker bridged around 80,000 ELAs to BNBChain, exchanging them for 326 BNBs. They then deposited these funds into Tornado Cash, a privacy-focused mixer. The second component of the attack involved the hacker bridging 200,000 ELAs to Ethereum, exchanging some of them for 17 ETHs, and transferring these and 160,000 ELAs to addresses starting with 0x05dd.
These two exploits highlight a growing trend in DeFi-based attacks, as hackers are increasingly using multi-chain exploits to circumvent single-chain defenses. The attack on FilDA shows that DeFi platforms cannot afford to rely solely on single-chain security protocols to prevent hackers from stealing funds.

The Implications of the Attack

The attack on FilDA has significant implications for the DeFi ecosystem, highlighting the need for more robust security measures to prevent multi-chain attacks. One major implication of this attack is that it has brought renewed attention to the importance of interoperability in the DeFi ecosystem.
By exploiting the connection between the ESC and REI networks, the hacker was able to transfer funds from FilDA to Tornado Cash using BNBChain. This highlights a key weakness in the current DeFi network, namely the reliance on individual chains that offer different levels of security.

Preventing Similar Attacks

To prevent similar exploits, DeFi platforms should prioritize interoperability and multi-chain security measures. One possible method for improving the security of cross-chain transactions would involve implementing a standardized cross-chain communication protocol, allowing for the seamless exchange of information and assets across different blockchain networks.
Moreover, DeFi platforms need to employ more sophisticated analytics and monitoring tools to better detect and prevent attacks. Multi-chain security protocols like Acala Network’s Astar, which utilizes a unified security model, could also be used to mitigate the risks presented by cross-chain transactions.

Conclusion

In conclusion, DeFi-based hacks like the recent attack on FilDA underscore the need for more sophisticated security measures to protect investors and ensure the integrity of the DeFi ecosystem. The attack on FilDA has highlighted vulnerabilities in the current DeFi network, with a particular focus on the importance of interoperability and multi-chain security protocols. It is up to DeFi platforms to implement comprehensive security measures and protocols in order to safeguard their user’s funds effectively.

FAQs

Q: What is FilDA?
A: FilDA is a decentralized finance platform that enables users to lend, borrow, and trade cryptocurrencies.
Q: How much did the FilDA hack cost?
A: The hack on FilDA resulted in losses of approximately $700,000.
Q: How can DeFi platforms prevent similar attacks?
A: DeFi platforms can prevent similar attacks by implementing multi-chain security measures and employing more sophisticated analytics and monitoring tools.