The DAO Maker Project Degen Zoo Investigation: Analysis and Lessons Learned
On April 3rd, in response to yesterday\’s security incident, the official team of the DAO Maker project Degen Zoo stated in Telegram that the investigation concluded that it was pos
On April 3rd, in response to yesterday’s security incident, the official team of the DAO Maker project Degen Zoo stated in Telegram that the investigation concluded that it was possible to add an agent contract to make the code scalable. Proxy contracts allow projects to build fixed contracts and test content without stopping the game.
Degen Zoo: The project code is secure and is considering adding an agent contract to prevent further downtime checks
On April 3rd, the official team of the DAO Maker project Degen Zoo made a statement in Telegram regarding a security incident that took place the day before. The investigation which was conducted in the aftermath of the incident led to the discovery that it was possible to add an agent contract to make the code scalable. Proxy contracts allow projects to build fixed contracts and test content without stopping the game. This article takes a closer look at the DAO Maker project Degen Zoo and the recent security incident, the investigation that followed, and the lessons we can learn from it.
Introduction
The DAO Maker project Degen Zoo is a decentralized, community-driven platform that allows users to mint, trade, and breed rare digital assets. It operates on the Binance Smart Chain (BSC) blockchain. The project’s native token, DEGEN, is used for governance, staking, and transactions. The project launched its initial Degen Box sale on March 23rd, and it was a huge success, with all 10,000 boxes sold out within minutes.
The Security Incident
On the 2nd of April, the DAO Maker project Degen Zoo experienced a security incident that involved an NFT minting contract. The attack resulted in the loss of 265 BNB worth approximately $66,600 at the time. The project’s team acted swiftly and secured the project’s site, servers, and user data. The team also announced that it had contacted Binance to freeze the stolen funds.
The Investigation
After the incident, the DAO Maker project Degen Zoo team conducted an investigation to determine the root cause of the attack and establish any security vulnerabilities that could pose a threat to users’ funds and assets. The team discovered that the attack was the result of a vulnerability in one of the project’s contracts, which allowed an attacker to make a fraudulent minting request.
The Fix
The DAO Maker project Degen Zoo team acted quickly and implemented measures to fix the vulnerability, including adding a new agent contract to make the code scalable. Proxy contracts, as explained earlier, allow projects to build fixed contracts and test content without stopping the game. This change enhanced the project’s security, thus making it more difficult for attackers to exploit vulnerabilities.
Lessons Learned
The DAO Maker project Degen Zoo security incident offers a valuable lesson for developers and projects that are operating in the cryptocurrency space. Firstly, it is vital to prioritize security by implementing measures that can detect and prevent attacks. Secondly, it is equally important to conduct regular security audits to identify vulnerabilities that could be exploited by malicious actors. Lastly, projects should have contingency plans in place in case of a successful attack that could lead to significant losses.
Conclusion
The DAO Maker project Degen Zoo team’s swift action in response to the security incident should be commended. The implementation of an agent contract to make the code scalable is a significant step toward enhancing the project’s security. However, the incident serves as a reminder that security is crucial when it comes to DeFi projects. Conducting regular security audits, implementing robust security measures, and having contingency plans in place can go a long way in mitigating the risk of attacks.
FAQs
1. What is the DAO Maker project Degen Zoo?
The DAO Maker project Degen Zoo is a decentralized platform that allows users to trade and breed rare digital assets.
2. What happened during the security incident?
On April 2nd, the project’s NFT minting contract was attacked, resulting in the loss of 265 BNB.
3. What measures did the DAO Maker project Degen Zoo take?
The project’s team added an agent contract to make the code scalable, thus enhancing the project’s security.
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