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Another DeFi bloodbath. The funds pool deployed on the Story protocol by Unleash Protocol was attacked, with hackers transferring $3.9 million in an unauthorized operation, then bridging it across chains to Ethereum, and finally laundering 1,337 ETH through Tornado Cash. Currently, the protocol has suspended all operations.
Such incidents have become commonplace on the blockchain. But behind what seems to be routine, there are two tricky realities in the DeFi ecosystem. First, insufficient auditing at the smart contract level. Many new protocols rush to launch, and their smart contract code audits are often superficial, with vulnerabilities lurking in permission management and function calls. Second, the professionalization of hacker teams. Attackers now study code logic in advance, and once they find a vulnerability, they launch an attack immediately, completing the entire process in seconds, leaving protocol teams no time to react.
From the perspective of regulation and privacy tools, there are also interesting insights. After Tornado Cash was sanctioned, hackers found it easier to launder money, indicating that on-chain privacy solutions are fundamentally unstoppable. The stricter the regulation, the more sophisticated black market tools become. This is a long-term issue worth pondering.
For participants, the lessons from this event are quite straightforward. It’s best not to rush into new protocols early on; let the market run for a while before deciding. Second, diversify risk—don’t put all your chips into a single liquidity pool. Third, prioritize protocols with insurance coverage, even though premiums are higher, because they can be lifesavers when real trouble hits.
The Story protocol’s focus on IP rights confirmation is quite innovative, and Unleash’s building of DeFi layer applications on top of that is also an experimental attempt. But this incident reminds us again: without security as a baseline, even the most flashy products are just castles in the air. Hopefully, the team can recover the funds quickly and be responsible to the community.
Reminds me of that last project, where the audit was as if it hadn't been done at all.
Really shouldn't touch new projects, let others take the risk.
Tornado being sanctioned actually makes it more usable? That's an interesting logic.
The insurance pool is indeed expensive, but this time it doesn't seem like a loss.
390 million just disappeared like that, no wonder new coins stay away.
Tornado being sanctioned actually made money laundering easier? That's so ironic it's almost hilarious haha.
Repeating the same mistakes without learning lessons, this is how DeFi falls into a vicious cycle.
The direction of IP rights confirmation is innovative, but unfortunately it collapsed before it was properly set up.
That's why I never go all-in on a single pool, I've learned my lesson the hard way.
Hackers can complete transactions in seconds, the protocol reaction is too slow... the gap is huge.
Insurance premiums are expensive, but compared to the losses, it's really not a big deal.
I wait three months before jumping into new projects, really.
Only with security can everything be safe; no matter how fancy the mechanism, it can't fix buggy code.
Getting into new projects early is basically a gamble on luck. I now wait three months before jumping in.
Ironically, Tornado sanctions have made money laundering even smoother, which is quite a bitter irony.
These developers rush to launch without proper audits just to meet deadlines, essentially a self-destructive release.
By the way, the IP rights confirmation concept of Story is indeed solid, but unfortunately, Unleash has just sentenced itself to death this time.
I really don't look at protocols that don't buy insurance. If it's a bit more expensive, so be it. It might save your life.
Just wondering, who else dares to keep throwing money into these untested pools? Can't really find it funny anymore.
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Everyone who jumped into the new blockchain game as soon as it launched should reflect, really
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Tornado got sanctioned but ended up laundering even more smoothly, the logic is incredible... shows that nothing can be banned
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Insurance definitely needs to be improved, although it’s expensive, it prevents losses
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Once again, basic tasks like permission management weren’t done well. Why rush to launch?
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$3.9 million, Story has basically committed social suicide this time
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Hackers can transfer funds in seconds, and the protocol had no time to respond. The gap is truly despairing
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Don’t rush into new pools, this advice is very sound
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IP rights confirmation is a good direction, but unfortunately it was dragged down by the trash of DeFi
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After Tornado sanctions, the black market actually improved; regulation simply can’t solve this issue