O Altcoin Shaken by Hack: Millions Lost

On Sunday, January 28, Goledo Finance, the lending protocol in the Conflux ecosystem, was hacked with the loss of CFX 1.7 million, worth US$7.9 million, according to the MetaTrust monitoring system. After the attack, the protocol's total assets locked (TVL) decreased by $3 million to $235,000. Meanwhile, Goledo's altcoin project GOL fell 30% to $0.005. Here are the details...

Hack alert on altcoin project

Goledo Finance, one of the leading lending protocols in the Conflux ecosystem, suffered a major cyberattack on Sunday, January 28. According to the MetaTrust monitoring system, 7.9 million CFX (approximately 1.7 million USD) worth of crypto assets were lost as a result of the attack. While this incident came as a shock to the already volatile cryptocurrency market, it also reignited the debate over DeFi security.

#MetaTrust @GoledoFinance on #CONFLUX was attacked, with a loss of 7.9m $CFX(worth $1.7M).

Its LVT also drops $3M, to only $235K.

Attacker: 0xa66b15ff3b9e31f579d06d70b527ad0a8f2ffb58#GoledoFinance is a AAVE V2 fork protocol. pic.twitter.com/I49iIDhka0

— MetaTrust (@MetaTrust) January 28, 2024

In a statement via social platforms, Goledo Finance said that the team has identified all addresses related to the attackers, requested exchanges to freeze the relevant KYC accounts, and contacted security teams Paidun and SlowMist to monitor the situation. Urging them to contact the authorities before taking legal action against the hacks, Goledo also announced that the loan pool will be temporarily frozen, during which time interest on loans will also be frozen.

Goledo Finance's native token, GOL, lost 32.75% of its value amid the news of the attack. It was also seen that the price fell to $0.005225. Goledo Finance, the decentralized finance (DeFi) protocol on the Conflux blockchain, is going through a difficult time following last week's hack. The magnitude of the loss and the sudden drop in TVL will undoubtedly have a negative impact on the platform's user confidence. It is of great importance that the Goledo team takes a quick and transparent approach to resolve the situation and prevent a loss of trust.

### Blockchain security is critical

This attack has also reignited the debate on blockchain security. The transparency that comes with the decentralization of DeFi platforms can also make them an attractive target for hackers. Since security vulnerabilities will always exist, it is critical for platforms to take strict security measures, raise awareness of users, and respond quickly in the event of an attack.

Goledo Finance's status is also a signal for the future of the Conflux ecosystem. This attack should not be allowed to damage the credibility of the ecosystem and necessary steps should be taken in terms of security. How the Conflux Blockchain and the platforms on it will overcome the difficulties they will face in the future will be followed with interest.

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