The post DeFi Protocol USPD Loses $1 Million in “CPIMP” Attack appeared first on Coinpedia Fintech News
A decentralized finance platform called USPD has fallen victim to a complex security breach that resulted in approximately $1 million being stolen from its protocol. What first looked like a normal system setup months ago was actually a hidden trap waiting to strike.
In the meantime, USPD is offering a 10% bounty if the attacker returns 90% of the stolen funds.
How the USPD Attack Happened?
According to blockchain security firm PeckShieldAlert, the attacker planted the trap all the way back on September 16, while the project was still being deployed. They used a clever technique during the proxy setup phase, gaining admin rights before USPD’s own deployment script could finish.
Meanwhile, this type of exploit is now being called a “CPIMP” attack, short for Clandestine Proxy In the Middle of Proxy.
#PeckShieldAlert @USPD_io has reported an exploit resulting
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