07 May 2021 Value DeFi incident

screenshot taken from value defi discord

We are aware of the incident with Value Defi which has just happened a few hours ago, on May 7, 2021. We do not want to speculate about the precise circumstances of the incident, therefore, we will share relevant details only about what we know for sure and will share further details later.

Value Defi, our main partner for our liquidity pools, has been hacked. However, fortunately, not all of our pools and products seem to be affected by this hack. It is really important to highlight that the Foundry (IronFinance) and the Castle (DiamondHand) have not been affected and your staked STEEL in the Foundry and your staked DND in the Castle is safe from this incident because it has not been stored in Value Defi’s contracts.

Another really important thing is, the maximum 75% of the collateral, which has been invested via Vaults, is also unaffected by this incident because at the moment it seems like only certain pools, most likely those which are not 50–50% ratios, have been hacked and our collateral has been staked into single token staking options with Alpaca and CDO Finance and therefore safe.

NOT AFFECTED

  • The Foundry (staked STEEL)
  • Diamond Castles (staked DND)
  • IronFinance’s and DiamondHand’s collateral (BUSD, BTC, ETH, BNB Vaults)
  • IRON stablecoin (still at $1)
  • IRON/vDOLLAR vFarm and all other vPegSwap farms (dBTC, dETH, dBNB)
  • IRON/BUSD 50%-50% vFarm
  • STEEL-WBNB 50%-50% vFarm
  • DND-WBNB 50%-50% vFarm

AFFECTED

  • IRON-STEEL 60%-40% vFarm
  • STEEL-BUSD 70%-30% vFarm

Temporarily, we will mute our main Telegram group for a few hours because the team must sleep as well and have published this article in there as well. In a few hours, we will unmute our Telegram group as usual and we’re going to share more information once we learn more from Value Defi. Thank you.

Iron Finance team