In Brief:
- Badger DAO suffers a front-end hack and loses about $120.3M.
- The DeFi protocol’s smart contracts have been put on hold for the time being.
- 2,100 BTC and 151 ETH was stolen from users of the Badger DAO protocol.
- 900 BTC worth of tokens were stolen from one user and $5 million worth tokens from another during the hack.
DeFi protocol Badger DAO suffered a front-end hack and lost over 120 million USD.
According to security analysts PeckShield, $120.3 million comprising about 2,100 BTC and 151 ETH was stolen from users of the Badger DAO protocol.
Badger DAO confirmed the attack in a statement on Twitter, adding that their engineers are looking into the issue. The protocol’s smart contracts have been put on hold for the time being.
Badger DAO is a DeFi protocol that aims to increase bitcoin yield. The idea is that you wrap your bitcoin and send it to a smart contract platform like Ethereum, where it may subsequently be used in DeFi applications.
Users of Badger first reported issues on the project’s Discord channel about 9 p.m. EST, with an exploit in Badger DAO’s front end being cited as the most likely cause.
On the Ethereum network, the attack was directed at the contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107 of the protocol.
Badger users who have dealt with this contract are encouraged to remove it from their wallets. Even though the attack occurred lately, the contract’s consent may have been granted weeks earlier.
In a single transaction, 900 BTC ($50.8 million) worth of tokens were stolen from one user and $5 million from another user.
Badger core contributor Tritium wrote on Discord, “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.”
Just a day ago, MonoX Finance’s DeFi protocol got hacked resulting in the loss of $31M in tokens across Ethereum and Polygon. The hacker utilized MONO tokens to swap out all other assets in MonoX’s liquidity pools once the token’s value had climbed.
