umbrella-network-299Umbrella NetworkAccording to official sources, the DeFi oracle Umbrella Network was stolen over 3 million UMB tokens due to a loophole in the ChainSwap contract of the cross-chain asset bridge. This equates to approximate 110 ETH as noted in terms of the $UMB token buyback scheme initiated to counteract the additional $UMB sold by the hackers. As of 15th of July, Umbrella has already bought back about 90 ETH worth of $UMB, with a remaining 20 ETH still to be spent.

Detail Analysis

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Umbrella Network

Submit Incident Report

Date:

Status:

Count:

Contributor:

July 11, 2021

Verified

zerofriction.io

Loss Amount:

235,510

Recovered Amount:

Currency:

Dollars, UMB

KYC By:

Audit By:

None

Website:

https://staking.umb.network

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

Key Indicators

Platform:

Type:

Category:

Method:

Multi-Chain

Protocol

Oracle

Contract Vulnerabilities

Extended Method:

Chainswap

Data Sources:

https://medium.com/umbrella-network/umbrella-network-update-on-chainswap-hack-628d1aaaa873#:~:text=on%20saturday%20july%2010th%2c%20at,%2c%20razor%2c%20oro%20and%20others.

According to official sources, the DeFi oracle Umbrella Network was stolen over 3 million UMB tokens due to a loophole in the ChainSwap contract of the cross-chain asset bridge. This equates to approximate 110 ETH as noted in terms of the $UMB token buyback scheme initiated to counteract the additional $UMB sold by the hackers. As of 15th of July, Umbrella has already bought back about 90 ETH worth of $UMB, with a remaining 20 ETH still to be spent.

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