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Crypto Launchpad Team Finance Suffers $14.5M Exploit

The platform has paused all activity till the exploit has been mitigated.

Updated May 9, 2023, 4:00 a.m. Published Oct 27, 2022, 10:53 a.m.

Team Finance, a crypto token launchpad, has suffered a $14.5 million exploit in relation to a smart contract bug in its migration feature, the firm said on Thursday.

The platform has paused all activities in the wake of the exploit, it said in a tweet. It has also urged the exploiter to get in contact for a bug bounty payment.

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The exploiter targeted the Uniswap v2 to v3 migration function, which had previously been audited.

$14.5M USD of tokens were exploited through the audited v2 to v3 migration function.

We have temporarily paused all activity through team finance until we are certain this exploit has been remedied.

All funds currently on Team Finance are not at further risk of this exploit.
— Team Finance (@TeamFinance_) October 27, 2022

The firm said that it has reached out to the exploiter to find a resolution and has contacted exchanges to blacklist the exploiters' address.

Team Finance joins a slew of crypto firms that have exploited recently. Decentralized exchange Mango Finance that suffered a $114 million exploit earlier this month, while BNB Smart Chain was hit with a $100 million exploit on Oct. 7.

The platform currently has $127 million in total value locked (TVL) following the loss, down from $147 million yesterday according to data from DefiLlama.

UPDATE (Oct. 28, 06:41 UTC): Adds details from Team Finance's statement.

UPDATE (Oct. 27, 11:30 UTC): Adds context and details throughout.

Exploits Liquidity

Parikshit Mishra

Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.