The WOOFi development team recently confirmed an exploit on its swap contract on Arbitrum, resulting in a loss of $8.5 million worth of crypto. Despite this incident, the team assures users that all other WOO contracts remain safe.

WOOFi’s smart contract, WooPPV2, was the target of the exploit, according to Cyvers Alerts. The hacker utilized a Tornado Cash-related address in Ethereum (ETH) to cover transactional costs for their operation, as revealed in a post on Mar. 6.

“@_WOOFi’s WooPPV2 contract has been exploited on ARB! Our AI-powered system has detected the attacker’s malicious transactions. Total loss is $8.5M. Attacker was funded by @TornadoCash on $ETH. Attacker started distributing stolen funds to different EOA and other…” – Cyvers Alerts

Analysis conducted by experts showed that the hacker has already dispersed stolen funds to various externally owned accounts on different blockchains using cross-chain bridges. While the specifics of the hack remain undisclosed, the WOOFi team has assured the community that all other WOO contracts are secure.

In response to the exploit, WOOFi has announced a 10% whitehat bounty for the individual behind the attack. Additionally, a bounty has been offered for any information leading to the identification of the attacker.

WOOFi, a decentralized exchange launched in November 2021, provides swapping services and trading activities through its products. Following the incident, WOOFi’s native token, WOO, experienced a nearly 8% drop to $0.5, as reported on CoinMarketCap.

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