88MPH DeFi Token Rallied By 375% After Suffering A Bug: Report
88MPH DeFi token, a new Ethereum-based token which suffered a bug rally previously, rallied by 375% today with all the ETH-based DeFi tokens continuing to pump while returning on the bull market. In today’s altcoin news, we are reading more about it.
The coins of the latest generation of DeFi products that are built on Ethereum are still pumping while trying to get back on the bull market. The MPH DeFi token got exploited by an unknown attacked and it started rallying hundreds of percent once investors looking for a way to allocate capital to new investments. 88MPH is a protocol that allows users to lend their crypto assets like yUSD, Aave USDC, and other yield-bearing assets at a fixed interest rate that has infinite liquidity. The users can purchase floating-rate bonds via the protocol to finance and to also secure the debt of the coin. The idea here is to bring more finances in the Defi space by integrating other ways to earn yield.
Audited by Quantstamp while the staking contracts got forked from Synthetix, there were many that were excited about the protocol launch which happened a few days ago. The project was shared on Twitter just before the launch. 88MPH however became subject to a bug that allows users to withdraw all of the coins in the pool, potentially amounting to thousands of dollars. The core team member Guillaume Palayer wrote:
“There was a bug discovered in the MPHMinter contract that enables a potential attacker to steal all the ETH in the Uniswap pool. It was brought to our attention by samczsun.
With his help, we have extracted the ETH into the governance multisig, so all funds are safe. The price of MPH is currently at 0 for this reason.”
Sold something before an exploit for 4k, thought I was a god.
Bags worth 6 figs now lmao
— Daryl Lau (@Daryllautk) November 21, 2020
This came short right after the bug was discovered and there was also another bug that allowed the hacker to exploit 88mph’s bongs in order to earn more in MPH rewards than it was allowed. $100,000 of the attacker’s funds were withdrawn once the bug was discovered. Despite the two initial bugs, MPH rallied anyway. According to CoinGecko, the coin increased 750 percent since it was listed on the data tracking site one day ago. However, since it started trading, it increased even more.
One reason why the token could be rallying after the bug is the endorsement from “Molly” who is the founder of Hegic Options. She runs a decentralized crypto venture fund which played a huge role in pushing zLot and other coins higher.