dForce Network
Last changed 2026-10-14 · Re-researched — Re-researched in full by the investigator agent; the text was rewritten from new research. Version history →
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anchored·JvEg7P…4PwQSummary
dForce Network is a China-founded DeFi protocol suite (lending, stablecoin and trading products, including the Lendf.Me market) founded in late 2018 by Mindao Yang. It suffered a roughly $25 million ERC-777 reentrancy exploit in April 2020 and a $3.65 million read-only reentrancy exploit in February 2023, with funds returned in both cases, and was alleged to have copied Compound v1 code without fully understanding it. A 2021 ConsenSys Diligence audit flagged centralised owner controls able to drain user funds; the protocol continues to operate across multiple chains.
Connected Entities
12 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- dForce Network→mentioned with→Bitcoin(75%)
- dForce Network→mentioned with→Uniswap(65%)
- dForce Network→mentioned with→1inch(70%)
- dForce Network→mentioned with→Arbitrum(70%)
- dForce Network→mentioned with→Polygon(60%)
- dForce Network→mentioned with→Ethereum(70%)
- dForce Network→mentioned with→Optimism(70%)
- Midas Capital→mentioned with→Polygon(60%)
- Midas Capital→mentioned with→Ethereum(60%)
- + 26 more
Connected Through
9 shared actors · 595 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- ♦Bitcointoken
- ⌂Uniswapprotocol
- □Arbitrumorganization
Timeline(15 events)
December 2018
dForce Network founded in China by Mindao Yang (with Xin Xu named as co-founder in one account) as a DeFi protocol suite.
Decrypt interview with Mindao Yang2019
dForce Foundation established; Lendf.Me lending market launched.
2020
Lendf.Me integrates imBTC (an ERC-777 token) as collateral, introducing the reentrancy vulnerability later exploited.
Decrypt2020
The Block reports that Lendf.Me contracts contain unattributed references to Compound Finance code; attribution was added after the press inquiry.
The BlockApril 2020
Multicoin Capital announces a $1.5 million seed round in dForce, with China Merchants Bank International and Huobi Capital co-investing.
Multicoin CapitalApril 2020
Lendf.Me exploited via ERC-777 reentrancy; about $25 million drained from 12 lending markets. dForce discovers the breach at 9:15 AM UTC+8 and pauses the protocol and website.
dForce MediumApril 2020
Attacker attempts to negotiate with dForce; 1inch identifies the attacker's Chinese IP address via CDN access logs and the Singapore Police Force CID requests data from 1inch. One account adds symbolic PAX transactions totalling about $250,000.
CoinTelegraphApril 2020
Substantially all of the $25 million confirmed returned according to one account; criticism mounts over copied Compound code and absence of audit coverage. Another account reports Robert Leshner and Brian Kerr publicly alleging on this date that dForce copied Compound code.
CoinTelegraphApril 2020
Per one account, the attacker returns the full ~$25 million, with Huobi-issued assets worth ~$2.6 million returned first.
dForce Medium post-mortemMay 2020
dForce redistributes 100% of recovered funds to Lendf.Me users; all affected users made whole.
dForce Ecosystem Update, April 2020April 2021
ConsenSys Diligence publishes its dForce Lending Protocol audit (review conducted March-April 2021), flagging the Owner role as a single point of failure and the governance transition as untested.
ConsenSys DiligenceApril 2022
ChainSecurity discloses the read-only reentrancy vulnerability in Curve pools to Curve and affected protocols; Curve publishes a mitigation. dForce's Curve vault integration is not patched in time.
HalbornFebruary 2023
dForce's Curve vaults on Arbitrum and Optimism exploited via read-only reentrancy; about $3.65 million drained ($1.9M Arbitrum, $1.7M Optimism).
The BlockFebruary 2023
Attacker self-identifies as a whitehat, negotiates a bounty and returns all $3.65 million to dForce multi-sig wallets.
Crypto.newsDecision Log
- slot 443526266 · hash 7HLkokrUh1LGTkmeaBwS122LAEAF79eADv573bggzA6E
- slot 443526260 · hash EC7fWToQdBKr6dKY2PYuntD17NRrZNYKa8MA2MRRtd6J
- slot 423324532 · hash G8n1QgDXDmRRwtbtYufaiEjPi5H5wHWhK3x33GKTFFPm
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 32 of 38 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 5/31/2026, 6:59:16 AM
last updated: 10/14/2026, 12:23:31 AM
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