Decentralization stablecoin platform遭51% Attack. The attacker claims to be a penetration test.

Recently, a Decentralized Finance stablecoin network platform based on the Factom protocol suffered a 51% Attack. According to reports, four Miners joined forces to control 70% of the Computing Power of the network and tampered with the platform data.

These attackers initially had a wallet balance of only 11 dollars, but by manipulating the price of the yen-denominated stablecoin, they inflated the balance to 6.7 million dollars. Subsequently, they attempted to convert these funds into stablecoins pegged to the dollar. However, when they tried to exchange for more tokens in the spot trading system and disperse them to multiple wallets, the operation failed.

An executive of the project stated that the attackers' actions only affected the balance in their own wallets. Due to the protocol limiting rapid asset transfers, the attackers could not move a large amount of stablecoin outside the network. Although a significant amount of assets were generated, they were unable to cash them out.

The platform stated that the attack lasted about 20 minutes, but it did not affect the security of other users' funds.

Interestingly, after the asset transfer failed, the attackers actively contacted the platform's officials. They claimed that this was just a "malicious penetration test" aimed at identifying potential system vulnerabilities and notifying the core developers. Subsequently, the attackers also destroyed all problematic stablecoins.

This attacked platform is a decentralized non-custodial stablecoin network, whose stablecoins are pegged to various world currencies and assets, including gold, euros, and US dollars. The platform claims to be fully auditable and open-source, allowing for value transfer and simplifying the conversion process between different assets.

This event highlights the security challenges faced by decentralized finance platforms once again and reminds us of the need to continuously improve and strengthen the security mechanisms of these emerging financial systems.