Today in DeFi - Polywhale Rug, Impossible Exploit, and More...

Jun 22, 2021

Polywhale “Soft” Rug Pull

The Polywhale team claimed developers were "tired" before abandoning @Polygon's first-ever yield farm, withdrawing $1 million in funds.

cryptobriefing.comPolywhale Team Abandon $100 Million Project Amid Scam Allegations | Crypto BriefingPolywhale’s native token collapses after the team has exited the project, the first yield farm launched on Polygon. Community members have alleged a soft rug pull.

Polywhale team have withdrawn $1M in tokens from the treasury and officially exited the project in a “soft rug”. While “soft” for single sided stakers, pool2 LPs were in for a harder landing.

Sushiswap

Today in DeFi is sponsored by Sushiswap.

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Impossible Exploit

WatchPug @WatchPug_

At 4 AM UTC, Jun 21, $0.5M was stolen from Impossible Finance. The hacker made multiple swaps in a row at about the same price and drained the LP, which is usually impossible. How does Impossible Finance make the impossible possible? Read our analysis:

watchpug.medium.comImpossible Finance exploit root cause analysisUsing a vulnerability in the LP contract, the hacker managed to swap IF into BUSD at about the price 2 times in a row, which is usually “Impossible” because of the slippage. At step 5, the FAKE token…

BSC stablecoin swap project Impossible got exploited for 0.5M. A missing xy=k check seems to be the vulnerabilty which led to this attack being possible.

DopeX Token Sale

dopex @dopex_io

📣 Today is the day! Dopex Public Sale goes live. We're ready for liftoff 🔥🔥 💰 gather your $ETH ⏳ wait until 18:00 UTC 🌐 go to: dopex.io/sale 🗣️ talk to us on: discord.gg/dopex 📖 read more: blog.dopex.io/how-to-buy-dpx…

Decentralized options exchange Dopex’s token sale has begun. Users can deposit ETH to buy DPX out of the 75,000 sale supply during the 72 hours period.

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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned.