Team Finance, a crypto liquidity provider, unveiled on Thursday that they have suffered a loss of $14.5M through a smart contract bug in its system. It said in a tweet that they are exploited through the v2 to v3 migration function, which was previously audited.
Team Finance is actively working after getting an alert for this fraud, ensuring the users that all the funds are safe and not at further risk of exploitation. As a result, the developers of this platform have temporarily paused all activities through this protocol until the exploit has been rectified. The team has urged the exploiter to come forward for a bug bounty payment.
Team Finance and its parent company, TrustSwap, is a liquidity provider with Token Generation, Token Locks, and Liquidity Lock services. It also gives Flexible Vesting Schedules to the users. This crypto launchpad claims to have $3 billion secured across 12 blockchains.
Uniswap version3 was developed to provide better efficiency for liquidity providers compared to version 2 on its DeFi exchange launchpad. Nevertheless, v2 smart contracts are still functioning, and users must use smart contracts to shift their LP assets from v2 to v3.
Team Finance had joined a group of crypto firms that have been recently exploited this month, which includes decentralized exchange Mango Finance which suffered a $114M exploit, and BNB Smart Chain, which suffered a loss of $100M.