51% attack on the Factom protocol platform The attackers claimed to have conducted penetration tests

Recently, a decentralized financial stablecoin network platform based on the Factom protocol suffered a 51% attack. According to reports, four miners joined forces to control about 70% of the network's computing power, thereby tampering with the platform's data.

The attackers, who initially had a wallet balance of just $11, quickly increased the balance to $6.7 million by manipulating the price of the yen stablecoin. Subsequently, they convert these funds into stablecoins pegged to the US dollar. However, when they tried to further exchange and disperse the transferred funds in the spot trading system, the operation failed.

One of the company's executives said that the attackers' actions only affected the balance in their own wallets. Due to the protocol design that restricts rapid asset transfers, attackers are unable to move large amounts of stablecoins outside the network. Despite generating a large number of assets, they were unable to monetize them.

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

Interestingly, after the attack failed, these people took the initiative to contact the platform officials. They claimed that the move was just a "malicious penetration test" in order to identify potential system vulnerabilities and notify the core development team. Subsequently, these people also burned all the stablecoins involved in the problem.

The platform under attack is a decentralized, non-custodial stablecoin network pegged to multiple world currencies and assets, including gold, the euro, and the U.S. dollar, among others. The platform claims to be fully auditable and open-source, and aims to simplify the process of transferring and redeeming value between different assets.

This event once again highlights the challenges faced by decentralized finance platforms in terms of security, while also reminding us of the need to continuously improve and optimize the defense mechanisms of blockchain networks.

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