Hacker Steals $14.5 Million from Blockchain Platform Team Finance

On October 27, 2022, the decentralized finance (De-Fi) service Team Finance confirmed that hackers exploited a vulnerability and stole cryptocurrency worth $14.5 million. According to Team Finance, the tokens were stolen using a migration function from version 2 to version 3. The company has temporarily suspended all operations until the vulnerability is resolved. All funds currently held in Team Finance are not at risk.

Team Finance describes itself as a “security toolkit for creators who want to launch a token and raise funds from the investor community.” Since its founding in 2020, the platform claims to have received $3 billion in cryptocurrency across 12 different blockchains.

Due to growing negative reactions online, Team Finance posted on Twitter that it is “deeply sorry” about the incident. The company also stated that it conducts multiple audits of every smart contract. According to some blockchain security firms, the vulnerability was related to an issue in Team Finance’s code.