How NobleBlocks Shows Resilience Despite Hedge Finance Attacks
DeSci's project, NobleBlocks, has shown resilience in taking collateral damage from the HedgeFinancial hack attack. Crypto hacks are news flash events that can have an impact and cost millions – in this case about $44.7 million.
The hack resulted in the loss of millions in customer funds, but Nobleblox and Hedge Finance quickly teamed up to recover user funds. But how did this all happen and could Nobleblox's response be a rip-off?
Nobleblox's response and recovery efforts were open and swift.
How did the Hedgey Finance Hack happen?
Hedgey Finance is a crypto project that helps other groups create and manage claim portals, on-chain tokens and blockchains. On April 19, they announced that they had fallen into the hands of malicious entities, resulting in a series of transactions worth $44.7 million.
Basically, the attackers used flash loans to exploit the project's smart contract through arbitrage and Ethereum blockchains. It was a loss of around $42.6 million in arbitrage, with around $2.1 million recorded on the Ethereum blockchain.
According to experts, a major contributing factor to this attack was the improper implementation of resource verification for one of the project's token contracts. Thus, the attacker used this vulnerability to cause the smart contract to approve a series of token transfers.
A vulnerability function in the smart contract is the ‘createLockedCampaign' function, which helps to create wearable or locked claims campaigns. So this function is guaranteed for almost all besides the claim lock parameter.
This led to locked assets in the withdrawal campaigns, allowing the attackers to mine a variety of tokens including USDC, NOBL, MASA and BONUS.
How was NobleBlocks affected by the hack?
The decentralized science (DeSci) project NobleBlocks was one of the protocols affected by the devastating hack. Immediately, they took to their X account to inform their community and provide their users with the necessary security measures.
Hedgey Finance was a token infrastructure platform where many NOBL tokens were posted, and the hacker stole some of them. According to another announcement on XX, approximately $1.9 million worth of NOBL tokens were stolen from the attack.
Hedgey Finance also clarified that only their platform was affected by the attack and not NobleBlocks. Therefore, all activities on NobleBlocks can continue including PinkSale token participants.
Response and recovery efforts
Image from Etherscan (Hedgey Finance's messages to the hacker on Etherscan)
NobleBlocks and Hedgey Finance are working together to recover funds stolen by hackers. According to media sources, Hedgey Finance is working closely with Consensys Diligence and SEAL_Org to monitor what happened.
Additionally, they said they sent a message to the hacker on Etherscan when they initiated the fund recovery.
Nobleblox shared updates with their community on their close relationship with Hedgey and MEV bot operator Kofibabe. Their press release states that efforts to recover NOBL and ETH are ongoing and the affected balances will be restored soon.
Regarding the current state of their token, Nobleblox mentioned that they believe it is now safe for their users to re-trade NOBL tokens. Additionally, other tokens in token infrastructure such as Hedgey Finance are now securely locked, while those stolen by the hacker have been deleted.
The challenges facing scientific publishing – is DeSci the answer?
Staying ahead of the curve, publishing scientific articles faces challenges including timely review processes, high publishing fees, and transparency. Scientific progress has enough obstacles to overcome, and published findings should represent success and achievement.
But those feelings are often tempered by long wait times for approval and high Article Processing Charges (APC) fees. Individual researchers and groups not only invest their energy, but often provide peer review services for free as part of the scientific community.
Still, when self-publishing, these same community-led research groups receive up to $500 to cover the cost of publishing in a low-tier journal, $2,500 for mid-tier journals, and nearly $6,000 for top-tier journals. Level magazines.
However, while several hybrid cost-sharing journals are emerging, barriers remain. Enter blockchain technology.
By using blockchain technology alongside appropriate incentives and reward mechanisms, the cost structure of the scientific sector can be scaled fairly in a highly monopolized system.
Understanding what NobleBlocks is and how it works
Image from NobleBlocks
NobleBlocks is pushing for change and empowering scientists and knowledge creators to join the DeSci (decentralized science) revolution. In particular, NobleBlocks focuses on removing obstacles such as high APCs by developing methods to create more fair, qualified and timely reviews.
NobleBlocks creates a public infrastructure built on blockchain to develop, review, manage and distribute scientific articles. By introducing DeSci, this crypto project aims to increase community engagement and satisfaction, as well as foster the much-needed incentive and transparency to manage progress in scientific research and publication.
Nobleblox does this by employing:
Innovative scientific publication
NobleBlocks introduces two new and revolutionary processes to address the inefficiencies of traditional scientific publishing. First, they introduced decentralization, which allowed authors of diverse backgrounds to publish their works.
Secondly, the introduction of blockchain technology brought immutability, which led to a permanent record of publication. Other important innovations include discounts for researchers and an effective peer review process.
Community development
NobleBlocks allows interaction and communication between community members. In fact, through its NOBL token, it recognizes and rewards the efforts of editors and reviewers on the platform.
Final thoughts about NobleBlocks response
Although Nobleblox suffered collateral damage from the attack on the Hedgey Finance token vesting platform, more than $1.9 million worth of NOBL tokens were stolen.
However, Nobleblox did not give up and instead swung into action, partnering with important entities like Hedgey Finance and Coffeebabe to help repair the damage caused by the hack.
There are always obstacles when starting and building projects with a high reward ratio, and while this one incident may be an obstacle beyond NobleBlocks' control, the team maintains its strength and commitment to democratizing the scientific publishing landscape.
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