Bondly Finance has been exploited, BONDLY price collapse 65% in one hour

The Bondly Finance decentralized finance (DeFi) platform is the newest name that was exploited today.

Bondly Finance compromised, BONDLY price crashes 60% in hours

Bondly Finance is a project intended to provide a payment infrastructure for the sale of digital businesses and assets. Details are slim at the moment as the team behind it informed its users on Twitter today that the protocol has been compromised and that users are advised to halt all trading immediately.

About an hour before the warning, DeFi Prime posted details of the address involved in the reported exploit.

bondly-finance-has-been-exploited-bondly-price-collapse-65-in-one-hour[1]

Source: Etherscan

Additionally, Peckshield also posted vague details about the mining saying that there were 373 million BONDLYs on Ethereum, which caused the price to crash. If these tokens were converted into stablecoins and removed from the protocol, they would have been worth around $22 million before the token collapse.

Following the aforementioned news, the BONDLY price has dropped 65% in the last 24 hours. Prior to the attack, the token hit an intraday high of $0.063 and in the past few hours has dropped to $0.020 at press time.

bondly-finance-has-been-exploited-bondly-price-collapse-65-in-one-hour

BONDLY price | Source: CoinMarketCap

The true extent of the damage has yet to be revealed, but it is likely that an autopsy will be announced and possibly a compensation plan for those affected.

This year has seen a growing list of DeFi platforms being exploited, largely through fast loans. At the end of June, as AZCoin News reported, Binance Smart Chain-based Impossible Finance protocol lost $500,000 in a DeFi instant loan attack. A bigger loss was suffered by BSC’s flagship DEX protocol PancakeBunny in May when up to $200 million was stolen by attackers.

bondly-finance-has-been-exploited-bondly-price-collapse-65-in-one-hour[4]

There were no further details on Bondly’s Telegram channel aside from repeated postings of the aforementioned message that it posted on Twitter

And also no further information available on Twitter and the community is waiting for updates.

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