HeroFi Faces Token Attack Following Server Maintenance

The #play-to-earn platform has deployed a new $ROFI contract and announced measures to minimize the hack's impact on users.

By
Ahamdi Abarikwu
on
December 8, 2021
Category:
BSC News

Hackers Break into HeroFi?

The newly launched play-to-earn GameFi protocol, HeroFi, has been attacked by hackers. The platform's $ROFI token was targeted by the hackers a few hours after HeroFi began a server upgrade, according to details released from HeroFi on Dec. 6th.

The attack had an immediate impact on the value of $ROFI. Before the team announced the attack, $ROFI was trading well over $4.5. Following the attack, the value crashed to an all-time low of $0.4271 as the attackers dumped the stolen tokens.

"Currently, the $ROFI Token is being attacked. The HeroFi team is rushing to fix errors and update features to improve transactions," HeroFi alerted the community in a tweet on December 5th.

HeroFi quickly reassured users that their funds were safe. As a security measure to mitigate the loss of assets, the gameplay webpage was shut down, and all activities on decentralized exchanges (DEX) involving the $ROFI token were frozen. The team worked behind the scenes to apply measures to try and contain the threat. 

Source

On December 6th, soon after completing the server maintenance of its marketplace, HeroFi restored the use of $ROFI:

"Big announcement from HEROFI team - $ROFI IS BACK!! Let's make $ROFI great again. We've come back stronger than ever..." the platform tweeted triumphantly.

Managing the Situation

The HeroFi team has applied a couple of measures to bring stability back to its platform:

  • New contract address 

$ROFI token has been migrated to a new contract address as the previous one was compromised in the hack. 

  • Liquidity injection

HeroFi will provide liquidity for the new ROFI contract sufficient to restore the value of 1 $ROFI before the hack: $4/ROFI

  • ROFI Refunds

The team noted the time the hack took place and took a system snapshot. Holders who did not trade between the time of hack and snapshot will receive an equivalent number of their old tokens once they add the new contract to their wallet. Users who traded from the hack to the snapshot will be reimbursed. 

  • Buyback and Burn

The team will use the proceeds from the marketplace for the last 30 days to buyback $ROFI. Every other $ROFI token after the buy-back will be burnt. 

More details about the team's post-attack interventions can be found here.

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Source

Looking Ahead

Hackers are increasingly targeting DeFi protocols. Barely a day before HeroFi came under attack, Bitmart Exchange suffered a security breach valued at $200 million. 

HeroFi has not yet released the value of tokens estimated to have been lost to the hackers. However, it may have been huge for it to draw down $ROFI's price from $4.5 to $0.4271.

These hacks are grim reminders of the risks inherent in crypto. As a rule, unless a user intends to transact on an exchange or DeFi platform, one's crypto assets are better off in one's custody. Here is a BSC News guide on how to keep your crypto assets safe while they are in your custody.


What is HeroFi

HeroFi is a role-playing game NFT-based game. HeroFi removes the entry barrier that is present with most other play-to-earn platforms. It does not require any initial investment barrier. HeroFi is entirely free to play and play-to-earn. HeroFi allows players to collect and trade NFT heroes. In the game, heroes can get married and give birth to a new NFT hero. Players may battle and earn points, go on an adventure to new lands and find more Heroes, or complete quests to gain experience.

$ROFI is the native token of HeroFi. $ROFI plays a crucial part in the sustainable play-to-earn economy of the HeroFi ecosystem and can be traded on decentralized exchanges

Where to find HeroFi:

Website | Whitepaper | Twitter | Medium | Telegram | YouTube 

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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time. He hold bags mostly in BabyDoge, CSM (Crust Storage Network), and JulD.

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