Avaterra Finance Hacked, Exposing Severe Flaws

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Key takeaways:

  • Avaterra Finance has been hacked, leaving serious flaws in its coinage contracts
Avaterra Finance Hacked, Exposing Severe Flaws

Avaterra Finance suffered an exploit. Their chef contract is a Goose fork, but their token contained custom elements which includes a mint function that anyone could call. So someone called it and minted and dumped thousands of tokens. This is why audits are important. Hackers eventually took advantage of the contract’s flaws, minting and dumping thousands of tokens.

Avaterra finance published an apology through their telegram channel claiming they never stole any money, and they lost all of their initials as well, but the community suffered the greatest loss, and most importantly, the loss of trust due to our error, which they acknowledged and want to fix no matter how minor it may sound.

Avaterra also announced few guidelines through the same channel for the future to possibly reduce the loss suffered by the entire community:

  • We will increase our marketing efforts and make the greatest judgments for the community possible.
  • The $SMRT tokens will be distributed to the lucky 20 winners today.
  • The winners of our $1000 prize will be announced on our new website; we have your contact information.
  • We ask for your help in getting back to work and starting all of these, as well as some patience while we do these repairs; together, we can make things better.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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