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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

– Introduction
– What is FilDA?
– The Attack on FilDA
– How the Attack was Carried Out
– The Aftermath of the Attack
– Preventing Future Attacks
– Conclusion
– FAQs
# According to reports, PeckShield monitoring showed that FilDA was attacked yesterday on ESC and REI networks, causing approximately $700,000 in losses.

Introduction

With the rise of cryptocurrencies, the world has been grappling with various forms of cyber threats. One of these threats is criminal activity, which has led to numerous cyber attacks on the cryptocurrency market. The decentralized financial (DeFi) space has been a major target, making it important to understand how these attacks occur and how they can be prevented. In recent news, the FilDA network was attacked, resulting in losses estimated at approximately $700,000. This article will delve into the specifics of the attack, how it happened, and what can be done to prevent future incidents of this nature.

What is FilDA?

FilDA is a decentralized finance protocol that provides a platform for lending, borrowing, and trading. It runs on the Ethereum network and is designed to facilitate seamless transactions within the DeFi space. FilDA is a relatively new DeFi protocol that has gained popularity due to its unique features, such as low transaction fees and a user-friendly interface. However, this popularity has also made it a target for cyber attacks.

The Attack on FilDA

On a recent day, hackers targeted the FilDA platform, causing significant losses amounting to approximately $700,000. The attack was primarily carried out via the ESC and REI networks. Although these networks are relatively unknown, they are critical components of the FilDA ecosystem.
The hackers made use of a technique called bridging, which involves transferring funds from one chain to another. In this case, the attackers bridged approximately 80,000 ELAs to BNBChain, exchanged them for approximately 326 BNBs, and then deposited the funds into Tornado Cash. Additionally, they bridged 200,000 ELAs to Ethereum, exchanged a portion for approximately 17 ETHs, and transferred these ETHs and 160,000 ELAs to addresses starting with 0x05dd.

How the Attack was Carried Out

The attackers took advantage of a vulnerability in the FilDA protocol’s smart contract. They infiltrated the contract and exploited it to gain access to funds stored within the platform. The fact that the hackers were able to hack the platform indicates that there was a weakness somewhere in the system that needs to be addressed.
The hackers also made use of the bridging technique, which allowed them to convert the ELAs to other cryptocurrencies, essentially covering their tracks and making tracing more difficult.

The Aftermath of the Attack

The FilDA platform immediately responded to the attack by suspending trading on the platform. This was done to prevent further losses and to allow developers to investigate the root cause of the infiltration. FilDA developers have also promised to reimburse users who lost funds in the attack.
The repercussions of the attack go beyond monetary losses. Many DeFi protocols rely on trust and transparency, and an incident such as this can erode that trust. FilDA, as well as other DeFi protocols, need to strengthen their security measures to prevent future attacks and maintain user trust.

Preventing Future Attacks

To prevent future attacks, FilDA developers need to take measures to strengthen their security protocols. This includes regular vulnerability testing, frequent patches and updates, and the implementation of a robust security system.
Users of the FilDA platform must also be vigilant and take measures to secure their accounts. This includes strong passwords, two-factor authentication, and ensuring that all transactions are legitimate.

Conclusion

The attack on FilDA is a stark reminder of the vulnerability of the DeFi space to cyber threats. It highlights the need for developers to take measures to strengthen security measures and for users to take responsibility in securing their accounts. It also emphasizes the importance of transparency and trust in the DeFi space, and the need for protocols to maintain these values in order to remain sustainable and relevant.

FAQs

1. What is FilDA?
FilDA is a decentralized finance protocol that provides a platform for lending, borrowing, and trading.
2. How was FilDA attacked?
Hackers infiltrated the FilDA protocol’s smart contract, exploited it, and bridged ELAs to other cryptocurrencies.
3. What can be done to prevent future attacks?
FilDA developers should strengthen their security protocols, and users should secure their accounts through strong passwords and two-factor authentication.