A decentralized project by the name of Indexed Finance was raided on Thursday last week, resulting in the loss of $16m.
However, the company was able to identify the culprit within 24 hours. As it turns out, the hacker failed to secure his identity when moving the stolen funds off-chain which allowed Laurence Day, a member of the Indexed DAO project to locate the culprit.
Day spoke to Decrypt.co and added that he was not alone in identifying the culprit with several other members of Indexed Finance able to discover the hacker.
The team discovered that the hacker, who had been given an ultimatum to return the money and failed to do so, may be much younger than originally expected:
However, there has been no development as to what Indexed may do next. The most logical move is contacting law enforcement, but no such timeline has been provided. At the time of writing, Indexed said that the attacker was much younger than the team expected.
Indexed had published a number of details about the attack that must have made the hacker uncomfortable as it's possible that members of the DeFi community have also been able to figure out the culprit's identity. Attacks on DeFi space are not new, with at least one big development every month.
This should serve as a fair reminder that even when decentralized finance and blockchain is involved there are vulnerabilities in the system.
Even Coinbase, arguably the safest exchange in the world, has not been able to protect individual accounts fully.