BONDLY Token Price Drops As Bondly Finance Suffers Latest DeFi Attack

The price of the BONDLY token, which powers the Bondly platform for connecting consumers to loan enquiries, has dropped by 12% in the past 24 hours, as the cryptocurrency community continues to monitor the viability of the firm’s asset-backed tokens.

BONDLY is a cryptocurrency platform that enables users to trade bonds and other forms of financial instruments using the blockchain and smart contracts. It is the first platform to offer a wide variety of real-world financial instruments and smart contract programmable bonds. BONDLY is also the first platform to enable users to create, trade, and manage smart contracts and bonds on the blockchain, using programmable financial instruments. BONDLY’s goal is to revolutionize the bond market by bringing the benefits of the blockchain to the bond market.

The news has been dominated by the crypto market crash, but Bondly, a smart contract-based financial platform, has experienced its own problems over the past few weeks. Last month, the company’s CEO, Calum Chace, was found dead at his home and, as a result, the company announced that it would be forced to suspend all operations. It appears the company has since recovered, with the first announcement that it has been able to resume trading having been made just days ago.. Read more about defi crypto price and let us know what you think.

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News about altcoins

  • Bondly Finance is the latest victim of a DeFi assault. 
  • The DeFi community has been notified by the developers to cease exchanging BONDLY.

The newest Decentralized Finance (DeFi) assault targets Bondly Finance, a decentralized e-commerce platform. Furthermore, after a potential vulnerability on July 15, the developer’s team has advised the DeFi community to cease trading the platform’s native token BONDLY. 

Furthermore, Bondly Finance must still provide details about the assault in order to avoid being hacked by an unknown entity. They said that they had already taken action and would begin working as soon as possible.

However, after three hours of the assault, the Bondly token’s price had dropped by more than 60%. The price decrease is explained by a TBEN of 373 million tokens on the Ethereum blockchain, according to PeckShield, a blockchain security and data analytics company. Furthermore, the security firm will allege that the massive TBEN on ETH is carried out by the owner’s address, effectively accusing Bondly of executing a carpet pull. 

At the time of writing, the BONDLY price is $0.005722, with a 24-hour trading volume of $4,414,415 on CoinMarketCap.

Bondly was created by Brandon Smith, a former Shuttle Capital Managing Partner, and debuted on Polkadot in 2020. Furthermore, it is being released as a DeFi protocol in order to create a decentralized product marketplace where anybody may make digital peer-to-peer payments.

Other Threats 

Furthermore, in the DeFi environment, flash loan assaults, stack draws, and vulnerabilities are not commonplace. PancakeBunny is a well-known decentralized financial system based on the Binance Smart Chain (BSC). After a hacker stole over $200 million in cryptocurrency assets in May, this was the target of an exploit.

Hackers have also taken approximately $7.2 million in crypto assets from the BSC-related BurgerSwap DeFi exchange. Furthermore, another BSC-based DeFi project, Bogged Finance, was hit by a flash loan attack. It takes $3 million from the site, or half of its funds at the time of the assault.

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