HeroCat: Popular GameFi project collapses 99% after rug pull

Play to Earn’s popular GameFi project, HeroCat, saw its value plummet 99% following a rug pull, while another decentralized finance (DeFi) platform lost millions of dollars in a rug pull. an attack.

HeroCat: a rug pull at the origin of the collapse

According to a tweet from PeckShield Alert, the GameFi HeroCat project is showing signs of a rug pull. The game’s native crypto token, HeroCat Token (HCT), developed in late November, has lost more than 99.5% of its value, according to data from PeckShield and CoinGecko.

The price of HCT has moved from $0.0097 to $0.00002 in the last 24 hours. Its all-time high (ATH) was around $0.22 last December. The token’s trading volume reached an ATH of $3.8 million, but is now below $500, according to data provided by CoinGecko.

According to PeckShield Alert, HCT, which is a token based on Binance Chain (BNB Chain), “made a big sale and transferred around $151,000 from Binance (BUSD) from the address:

“0x6e49ae035ef344abe4bed87a0dce44fc97d6a441” to “0x74A12a28Fea0d1b59A05B94C2ee323”.

HeroCat GameFi has not yet released an update on the current situation.

Cream Finance is under attack again

According to PeckShield, a blockchain data security and analytics firm, hackers launched an attack on the Cream Finance platform on Tuesday. According to the tweet, the hack was done due to a “bug introduced by [le] AMP token“.

Via another tweet, PeckShield explained:

The hacker makes a flash loan of 500 ETH and deposits the funds as collateral. The hacker then borrows $19 million AMP and uses the re-entry bug to borrow 355 ETH again as part of the $AMP token transfer. Then the hacker pays the loan himself.

According to the company, the hacker had to repeat the above process 17 times to earn a total of 5,980 Ethereum (ETH) with around $18.8 million.

According to Peckshield, the entire amount looted is parked at “0xa9a1b8ea288eb9ad315088f17f7c7386b9989c95b4d13c81b69d5ddad7ffe61e”.

The security firm added that it will “actively monitor this address for any movement.”

Additionally, Cream Finance tweeted that they stopped the attack by “halting supply and lending to AMP”, and thanked PeckShield Inc. for “helping with the investigation”.

According to Cream Finance, the exploit caused a loss of 418,311,571 AMP tokens (worth around $2.7 million at the time of writing, according to CoinMarketCap) with 1,308.9 ETH (worth a worth approximately $2.08 million at the time of this writing).

Cream Finance suffered three major flash loan exploits last year, with the latest costing over $130 million.

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HeroCat: Popular GameFi project collapses 99% after rug pull

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