Private key leak
Days in Operation:
Impermax is founded on the power of its core use cases: enabling liquidity providers to leverage their yields, to let them access the value of their LP tokens, and enabling earning from AMMs with no impermanent loss. This means marketing efforts will be focused on yield farmers and other DeFi natives who are most likely to become users. Our main goal is to increase TVL (Total Value Locked) on the platform.
The project reported that a hacker was able to steal the private key of a few of the Impermax team’s wallets and was still able to run away with most of the protocol owned liquidity and a large number ~ 9M of IMX. After the hacker stole the funds, he didn’t sell IMX immediately.
The project was able to frontrun the hacker by dumping large number of tokens on market. As the results, resulted in a net loss of ~$6K
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