BONDLY Token Price Drops As Bondly Finance Suffers Latest DeFi Attack

BONDLY Token Price Drops As Bondly Finance Suffers Latest DeFi Attack
  • Bondly Finance suffers the latest DeFi attack. 
  • Developers team has informed the DeFi community to stop trading BONDLY.

Bondly Finance is the decentralized e-commerce platform that suffers the latest Decentralized Finance (DeFi) attack. Moreover, the developer’s team has informed the DeFi community to stop trading the platform’s native token BONDLY, after a suspected exploit on July 15. 

Moreover, Bondly Finance still needs to offer information on the attack for staying compromised by an unknown party. They assured that they have taken action already and will work as soon as possible.

However, the price of the Bondly token fell over 60% within three hours of the attack. A blockchain security and data analytics firm PeckShield explains the price drop with a TBEN of 373 million tokens on the Ethereum blockchain. In addition, the security company will also claim that the vast TBEN on ETH is carried out by the address of the owner essentially to accuse Bondly performing a carpet pull. 

According to CoinMarketCap, the BONDLY price is $0.005722 with a 24-hour trading volume of $4,414,415, at the time of writing.

Bondly is founded by former Shuttle Capital Managing Partner Brandon Smith who launched on Polkadot in 2020. Even more, it is launched as a DeFi protocol to produce a decentralized product marketplace for anyone to perform digital peer-to-peer payments.

Other Exploits 

Moreover, the flash loan attacks, stack draws, or exploits is not uncommon in the DeFi ecosystem. PancakeBunny is a popular decentralized financial protocol built on Binance Smart Chain (BSC). This is the subject of an exploit in May after a hacker seized over $200 million in crypto funds.

Furthermore, the BSC-related BurgerSwap DeFi exchange is also exploited by hackers with nearly $7.2 million in crypto assets. Added to this, Bogged Finance which is another BSC-based DeFi project also suffered a flash loan exploit. It drains $3 million, or half of the platform’s cash at the time of the attack.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.