The post Unleash Protocol Hack Drains $3.9M After Multisig Exploit, PeckShield Reveals appeared first on Coinpedia Fintech News
Blockchain security firm PeckShieldAlert reported a major hack involving Unleash Protocol, a decentralized platform built on Story Protocol, where an attacker drained around $3.9 million in user funds.
Here’s how the hack happened. PeckShieldAlert report revealed.
How the Unleash Protocol Hack Happened?
According to PeckShieldAlert, the attacker targeted Unleash Protocol’s multi-signature governance system.
By doing so, the attacker gained unauthorized admin access and pushed through a contract upgrade that had not been approved by the core team. This change opened the door for funds to be withdrawn directly from the protocol.
After withdrawing the funds, the attacker bridged the assets to Ethereum and began breaking them into smaller chunks.
On-chain data shows 1,337.1 ETH was deposited into Tornado Cash, a privacy tool often used to hide
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