MonoX Platform Was Hacked Out Of $30M Worth Of MATIC, WETH

The MonoX platform was hacked out of $30 million worth of WETH and MATIC coins as we are about to read further in our latest cryptocurrency news today.

MonoX is a decentralized finance project that provides single token pools which became the latest victim of a hack where early estimations show that the perpetrators managed to make more than $30 million in crypto, mostly MATIC and WETH. The protocol took it to Twitter to confirm the hack and explained that a “method in the swap contract was exploited and boosted the MONO token price to a new high.

The attackers used the coin to buy a few other digital assets and according to some estimations, the total amount stolen was around $31 million including $18 million in wrapped Ether -WETH and more than $10 million in Polygon. Some of the other duped assets include GHST, DUCK, WBTC, IMX, and LINK.
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The MonoX platform failed to prove more specifics on teh security breach aside from wanting to speak with the attacker and resolve the issue. The latest incident added to the growing list of exploited DeFi protocols as we reported on multiple occasions with the latest one being a $12 million attack against PNetwork as well as the $3 million stolen from Sushiswap.

As recently reported, The ETH Defi project bZx got hacked again just hours ago and more than $55 million were affected, with the project saying ETH contracts and treasury funds remain unaffected. The ETH DeFi Project bZx is a defi lending protocol and now it is investigating an exploit of a private key linked to the Binance Smart Chain and Polygon deployments. However, this lending protocol that is built on Ethereum and Binance Smart Chain, has already been hacked once before.

Tweeting about the incident, the team stated that the smart contracts themselves were not compromised but that the incident only impacted the BSC and Polygon deployments with a compromised key. The Ethereum smart contracts were not compromised. A year ago, the protocol was on the receiving end of two hacks that prevented it from taking advantage of the rising popularity in Defi which leverages blockchain technology to cut out the middlemen from savings, loans, and swaps.