Team Finance Hack

TOTAL LOST $15.8M
High Migrate Function Mistake Exploit / Other ethereum

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain ethereum Incident surface
Recovered - No recovery reported
All-Time Rank #258 By amount stolen
Auditors 1 Prior security audit

Incident Overview

Quick Summary

Team Finance was hacked for 13,073,700 $USD due to a migration functionality exploit. The stolen funds currently remain on the attacker's EOA address.

Details of the Exploit

Team Finance is a DeFi platform providing secure token-locking opportunities. The project's vault smart contract was exploited due to the vulnerability of a migration functionality. The hacker used a deployed smart contract with unverified source code to withdraw 13,073,700 $USD worth of assets from the project's vault.

All the stolen funds currently remain in the attacker's second EOA address.

Block Data Reference

Attacker addresses:

https://etherscan.io/address/0x161cebb8…5899fd

https://etherscan.io/address/0xba399a25…617e6e

Malicious contract:

https://etherscan.io/address/0xcff07c4e…adadf4

Malicious transaction:

https://etherscan.io/tx/0xb2e3ea72…1277ce

Incident Report

Protocol / Project Team Finance
Date of Incident
Affected Chain(s) ethereum
Attack Technique Migrate Function Mistake Exploit / Other
Classification Protocol Logic / Other
Primary Source View Post-Mortem

Protocol Information

Protocol Type Token Locker
Smart Contract Language Solidity
Official Website www.team.finance/
Protocol Twitter/X @teamfinance_
Team Public / Doxxed
Source Code Verified On-Chain

Market Context at Time of Hack

Token Categories
DeFi DAO Ethereum Ecosystem AMM Yearn Partnerships Governance Solana Ecosystem Lending & Borrowing
Protocol Links
GitHub Discord

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Deep understanding of migrate function mistake exploit / other and Solidity and EVM internals
Capital Required Seed capital to cover gas and initial position setup
On-Chain Access Ability to interact with ethereum smart contracts and deploy a custom exploit contract
Protocol Analysis Identification of the exploitable vulnerability in Team Finance's contract logic - root cause: protocol logic / other
Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block
Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Migrate Function Mistake Exploit / Other audit checklist and test coverage
Audited by Audit Report 1 — still lost $15.8M. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to Team Finance, these are the critical security checks that could have prevented this incident (October 2022).

  • Verify all logic paths related to Migrate Function Mistake Exploit / Other are guarded by proper access controls and input validation
  • Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.

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Security Audit History

Proof-of-Concept Exploits

1 PoC available
poc-exploits - team finance
$ Team Finance Liquidity Migration Exploit

On-Chain Evidence & References

Sources & References

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