My DeFi Pet Liquidity Hack on Chainswap: What Happened?

The liquidity pool of My DeFi Pet, a virtual pet collection game on Binance Smart Chain that combines DeFi and collectibles was recently hacked on Chainswap, a cross-chain asset bridge and application hub for smart chains. The team assured its players that all user funds safe but the DPet token reacted immediately to the news, though it has since bounced back in the same time frame as well and it appears everything is back to normal.

The hacker now holds about $4.4 million worth of tokens from different NFT projects including 99 percent of My DeFi Pet’s liquidity pool on Uniswap.

According to the Chainswap tweet, the team quickly froze the BSC mapping token address to filter out the hacker’s address. Because of that, users might temporarily see “0” balance on their accounts but they clarify that all assets are safe and have been taken care of.

The recent hack affected the price of DPET, the main in-game currency of the game MyDeFiPet which is used for trading, exchanging, and for breeding. Upon revelation of the news, the token crashed 80 percent in a span of four (4) hours.

However, My DeFi Pet assured its investors and players that all of the stolen funds would be reimbursed by the team:

Further, My Defi Pet said it would conduct a series of maintenance and updates to fix bugs and to really ensure the security of the assets of the game.

My DeFi Pet was created by Topebox, a Vietnamese game development company which was founded in 2012 and has been in the forefront of the Vietnamese game development industry for years. Topebox recently secured $1 million funding from notable investors like Axia8 Ventures, a Shanghai-based venture capital firm; OKEx Blockdream Ventures, the venture capital fund of cryptocurrency exchange OKEx in Hong Kong; Megala Ventures, Vietnam-based venture capitalist and Animoca Brands, a popular Chinese game developer company.

This article is published on BitPinas: My DeFi Pet Liquidity Hack on Chainswap: What Happened?