The #SFM hack is an unfortunate example of the dangers of proxy contracts in #DeFi. The blockchain is meant to be trustless, transparent, and immutable. Proxy contracts make protocols mutable, where you must TRUST the implementation. This undermines the purpose of #blockchain.
#Safemoon was just hacked for $8.9M.
After two minutes looking at the newest Safemoon contract, I was able to identify the extremely obvious exploit.
The attacker took advantage of the public burn() function, this function let any user burn tokens from ANY other address (code attached).
The attacker used this function to remove SFM tokens from the Safemoon-WBNB Liquidity Pool, artificially raising the price of SFM.
The attacker was then able to sell SFM into this LP at a grossly overpriced rate within the same transaction, wiping out the remaining WBNB in the liquidity pool.
This is an extremely elementary exploit that many contracts in the space have been falling victim to.
Please do not let any user burn tokens from any address, it is a bad idea.
#Polygon has made waves by releasing its Web3 identity solution as open-source software, enabling developers to create more secure and privacy-focused decentralized applications.
Thrilled to announce our partnership with web3 auditing company @SolidProof_io!
SolidProof offers:
| Blockchain Security
| Smart Contract Audits
and more! https://t.co/BVG5O8UgcV
and will be our exclusive auditor as we bring secure innovation to web3.
https://t.co/8noEsBgYkI
To celebrate the launch of the new platform we built for @grape_finance, we are hosting a #Giveaway for $100 in $GRAPE to one lucky winner of the #grapefinance community!
How To Enter:
- Follow @dappdLLC
- Like + Retweet This Post
Visit Their Platform:
https://t.co/Q17DRFFmHx
.@IECWolves_io is one of many incredible projects that utilized #dappd's development team to build their web3 vision into a reality!
IEC Website, Mint Page, and NFT dApp are now live at https://t.co/SRNHbV2HAa
50 USDC #Giveaway to an IEC holder that likes, follows, and retweets
We are eager to show you what we can build for #web3, so we are hosting a #giveaway of 200 USDC on either the #BSC or #ETH chain, the winner gets to choose!
To Enter:
1. Follow
2. Retweet
3. Visit https://t.co/SPzozLQ1ye and reply to this tweet with one of our services!
⌛️24hrs
Love this.
Open source is always the way to go
It will help innovate and improve this platform for the better.
Closing down your source code helps no one but yourself
Ever need to swap between BUSD, USDC, or USDT?
XUSD’s stable swap will let you trade between all three of these tokens at the lowest exchange rate in all of DeFi!
No slippage, no price impact, one flat 0.0004x fee ($4 per $10,000 swapped)
Trade here:
https://t.co/oYyE8lfpoY
PSA:
This is a snapshot of #xUSD V1 top holdings. The top 5 accounts still have nearly $50,000.
Please don't forget to migrate to V2! It's free and can be done in two clicks via our dApp at https://t.co/zHm73EZq7a.
There is no benefit to staying on V1!
Thank you.
Inflation. It's like burning $.
Only ONE token can honestly say it's a hedge against inflation: #xUSD.
Why?
Because the price NEVER goes down and it does NOT require trading volume to rise.
Oh, and it also carries a max risk of 1%.
#xUSD changes EVERYTHING.
#BuyTheRise
#xUSD V2 is LIVE!
Let your Stablecoins work for you!
#xUSD is an all in one token, exchange, borrow, and lending protocol with 100% backed liquidity and EVERY transaction raises the price!
Visit https://t.co/J0Oe2rcnza to learn more, and https://t.co/zHm73EZq7a to buy!
Celebrate 3000 #xUSD holders with us!!
Like and retweet with the hashes #xUSD and #BuytheRise for your chance to win $50 #xUSD!
Winner will be chosen Sunday night, January 23 at 10:00 p.m. EST.
We are only getting started. The #DeFi revolution has begun!
#xUSD#BuytheRise