The Thala project recovered the stolen $25 million for the ransom

18 November 2024 1 minute Author: Newsman

Thala Labs, a decentralized finance (DeFi) project, recovered $25.5 million in lost assets less than 6 hours after a cyberattack with the help of investigators and law enforcement.

Thala Labs reported a vulnerability in smart contracts for farming that allowed a hacker to withdraw $25.5 million worth of liquid tokens. The team promptly shut down all operations, brought in Seal 911 and Ogle investigators, and negotiated a $300,000 reward with the hacker. The platform resumed operations the next day, although some features, such as farming, remain unavailable until the audit is completed. The project’s token, THL, suffered a 40% drop after the incident was announced.

DeFi platforms are often targeted by hackers due to high volumes of assets and complex smart contracts that are difficult to secure. Such attacks cause significant damage not only to projects, but also to investor confidence in cryptoecosystems.

Other related articles
Found an error?
If you find an error, take a screenshot and send it to the bot.