Poor Key Management
Private key leak, phishing
FaceDAO announced on Twitter that on the morning of April 16, 2022 Eastern Time, a large number of FACE tokens were sold on the Ethereum chain. This had a huge impact on the price. The cause of the incident was the hack of a wallet held by a team on the Ethereum chain. Consequently, the FACE tokens held in it were transferred and sold by unauthorized accounts.
The FaceDAO team stated that all transactions on the Ethereum chain and ERC-20 cross-chain FACE transactions have been suspended. Meanwhile, the deposit and withdrawal functions of the FaceDAO APP are temporarily closed.
After that, the team also stated that all FACE tokens circulating on the Ethereum chain will be transferred to BNB Chain. The related contracts will also be deactivated.
The attacker exploited 60 billion and 5940.1 billion FaceDAO tokens in two transactions respectively. It exchanged the exploited FaceDAO tokens into 121 ETHs via Uniswap and cashed out the ETHs via Tornado.Cash.
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