A hacker managed to steal $ 120 million in cryptocurrencies (Bitcoin and Ether) by exploiting a security flaw in the BadgerDAO protocol. In the space of a few hours, the hacker stripped several platform users.
This Wednesday, December 1, a hacker managed to seize the money deposited in several digital wallets connected to BadgerDAO, a decentralized finance protocol (DeFi) that allows you to generate interest in your bitcoins or in your ether.
According to data collected by PeckShield, a blockchain-specialized cybersecurity company, the hacker stole $ 120 million worth of cryptocurrencies. In detail, 2,109 BTC and 151 ETH were stolen. Some investors have lost all of their assets. Unsurprisingly, the hack caused a collapse in the price of the platform’s digital currency, BADGER. The token lost more than 20% in 24 hours. It is trading around $ 20.
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$ 120 million in cryptocurrencies lost, investigation continues
On their Twitter account, the BadgerDAO team quickly alerted their users to the situation. Badger has received reports of unauthorized withdrawals of user funds. While Badger engineers investigate this, all smart contracts have been suspended to prevent further recalls, ”says BadgerDAO. According to protocol engineers, the hacker behind the hack took advantage of a loophole in smart contracts, these autonomous computer programs capable of running when an action is recorded on the blockchain. Rather, PeckShield believes that the problem arose in the platform’s user interface code.
BadgerDAO is currently continuing to investigate the hack. “The investigation continues. Badger has requested the services of experts in forensic data analysis such as Chainalysis to explore the full scale of the incident and the authorities in the United States and Canada have been informed, ”explains the platform, which undertakes to work with the investigators. BadgerDAO turned to one of the blockchain analytics experts, Chainalysis, to understand how the hacker did it.
Unfortunately, it is not uncommon for centralized financial platforms to fall into the hands of hackers. A few months ago, a hacker stole $ 600 million in cryptocurrency by exploiting a breach in the Poly Network protocol. After negotiating with the protocol leaders, the hacker, who claims he never intended to keep the money, returned the funds to the users.
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