Hackers infiltrated the Team Finance decentralized finance platform through a vulnerability and exploited cryptocurrency tokens amounting to $14.5 million, according to The Record, a news site by cybersecurity firm Recorded Future.
The company said in a statement that the exploit was achieved through the audited v2 to v3 migration function and said it has temporarily halted all activity until it has determined that the exploit has been fixed.
"We have multiple audits on each and every smart contract by reputable audit companies, and re-audit all new deployments. Actively looking into the exploit, and hopeful to get the funds back. Well keep everyone updated by the minute," Team Finance said.
Several blockchain security firms raised the alarm on the hack before the company acknowledged it in a statement, with groups PeckShield, SlowMist and BlockSec stating that the root of the issue was a problem with the company's code and providing a breakdown of the attack.