The decentralized stablecoin platform based on the Factom protocol suffered a 51% Attack, causing the attacker's funds to surge from 11 dollars to 6.7 million dollars.

Recently, a decentralized finance stablecoin network platform based on the Factom protocol suffered a 51% Attack. It is reported that four miners joined forces to control 70% of the Computing Power of the entire network and tampered with the platform data.

These attackers initially had a wallet balance of only $11, but they manipulated the price of a yen-pegged stablecoin, causing their balance to soar to $6.7 million. Subsequently, they converted these funds into a dollar-pegged stablecoin. The attackers then attempted to exchange more tokens in the spot trading system and planned to spread the funds across multiple wallets, but this attempt ultimately failed.

An executive from the platform stated that the actions of the attackers only affected the balances in their own wallets. Due to the protocol's limitations on rapid asset transfers, the attackers were unable to move large amounts of dollar-pegged stablecoins off the platform. Although a large amount of assets was generated, they were unable to sell them.

The platform stated that the attack lasted for about 20 minutes, but it did not affect the safety of other users' funds.

Interestingly, after the asset transfer failed, the attackers actively contacted the platform's officials. They claimed that this was merely a "penetration test conducted with utmost malice," aimed at identifying potential system vulnerabilities and notifying the core development team. Subsequently, the attackers also destroyed all problematic stablecoins.

According to reports, this platform is a decentralized non-custodial stablecoin network that is pegged to various world currencies and assets, including gold, euros, and US dollars. The platform is fully auditable and open-source, supports value transfer, and simplifies the conversion process between different assets.

This event once again highlights the security challenges faced by decentralized finance platforms, while also reflecting the importance of timely detection and response to potential threats. Although this attack did not result in substantial losses, it undoubtedly serves as a wake-up call for the entire industry, reminding developers and users to remain vigilant and continuously improve security mechanisms.