Decentralized e-commerce platform Bondly Finance is the latest decentralized finance (DeFi) platform to suffer an alleged exploit. The developer team advised the DeFi community to stop trading Bondly, the platform’s native token, following a suspected exploit on July 15.
Bondly Finance has yet to provide details regarding the attack, aside from being compromised by an unknown party. “Rest assure, we have already taken action and will be operating as usual as soon as possible,” the official announcement reads.
Bondly token price tanked more than 60% within three hours following the attack. PeckShield, a blockchain security and data analytics company, explained the price drop with a 373 million token mint on the Ethereum blockchain. The security firm also claims that the huge mint on Ethereum was performed by the owner’s address, essentially accusing Bondly of performing a rug pull.
Founded by the former managing partner at Shuttle Capital, Brandon Smith, Bondly was launched on Polkadot in 2020 as a DeFi protocol to “offer