BadgerDAO DeFi Project Hacked Out Of $120 Million: Report

BadgerDAO DeFi project has just been hacked out of $120 million and after the attack, the developers paused their smart contracts in order to assess the damage so let’s read more today in our latest cryptocurrency news.

The BadgerDAO Defi project is a decentralized autonomous organization that is working on bringing Bitcoin to decentralized finance which fell victim to a hack attack that resulted in the loss of over $120 million. The Initial reports suggested the number of user funds drained of the protocol was $10 million but the data PeckShield data security company shows that the actual losses are much higher. According to PeckShield, the total losses amounted to $120.3 million.

Here is the current whereabouts as well as the total loss: $120.3M (with ~2.1k BTC + 151 ETH) @BadgerDAO pic.twitter.com/fJ4hJcMWTq

— PeckShield Inc. (@peckshield) December 2, 2021

The users initially reported problems at about 9 pm EST via the project’s Discord channel as the exploit in the BadgerDAO front end was named as the biggest issue. One Badger Core contributors Tritium wrote:

“It looks like a bunch of users had approvals set for the exploit address allowing [the address] to operate on their vault funds and that was exploited.”

The core developer added that once the problem is identified, the team froze all vaults to prevent the movement of funds while trying to see where all the approvals come from and how many people have them as well as what the next steps are. PeckShield confirmed that the protocol was exploited via the user interface and not the core protocol contracts. While the malicious permission requests could have been made weeks before the attack, most funds seem to have been drained one day ago. The users that interacted with malicious contracts are also urged to revoke permission from their wallets.

Badger has received reports of unauthorized withdrawals of user funds.

As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals.

Our investigation is ongoing and we will release further information as soon as possible.

— ₿adgerDAO 🦡 (@BadgerDAO) December 2, 2021

The BADgER price as the governance token for the protocol crashed by 17% over the past day according to the data from CoinGEcko. BadgerDAO took it to Twitter to confirm the reports of unauthorized withdrawals of the user funds. As the Badger engineers keep on investigating the issues, the smart contracts were paused to prevent even more withdrawals. The investigation is ongoing and they will release more information as soon as possible, as the team added. Despite the huge sum, the BadgerDAO hack pales in comparison to the one that we saw in August. The Poly Network project was drained out of more than $600 million in an exploit and the attacker eventually returned the funds in an odd turn of events. The total sum for all hacks in Defi is now slightly bigger than the $10. 5 billion figure reported in November.
buy tadalafil online https://paigehathaway.com/wp-content/themes/twentynineteen/inc/new/tadalafil.html no prescription