DiutoCoinNews

Reporting on Fintech, Bitcoin, Ethereum, Blockchain and Cryptocurrency News in Nigeria

DiutoCoinNews Markets
NEWS

Hacker Stole $120 Million In Crypto BadgerDAO DeFi Website.

Share this:

An unknown hacker depleted funds in multiple cryptocurrency wallets connected to the decentralized finance platform BadgerDAO on Wednesday.

According to the blockchain security and data analytics Peckshield, which is working with Badger to investigate the heist, the tokens of different cryptocurrencies stolen in the attack worth is around $120 million.

The DeFi platform announced that investigation has commenced, so far, the Badger team noted that the problem came from unauthorized imputation of a malicious script in the UI of their website.

For any users who interacted with the site when the script was active, it would intercept Web3 transactions and insert a request to transfer the victim’s tokens to the attacker’s chosen address.

“Because of the transparent nature of the transactions, we can see what happened once the attackers pounced”, PeckShield pointed out one transfer that stole 896 Bitcoin into the attacker’s coffers, worth more than $50 million. According to the team, the malicious code appeared as early as November 10th, as the attackers ran it at seemingly random intervals to avoid detection.

Decentralized finance (or DeFi) systems rely on blockchain technology to let crypto owners perform more typical finance operations like earning interest via lending. BadgerDAO promises users they can “rest easy knowing you never have to give up the private keys for your crypto, you can withdraw anytime you like, and our strategists are working day and night to put your assets to work.” Its protocol allows people who have Bitcoin to “bridge” their cryptocurrency over to the Ethereum platform via its token and take advantage of DeFi opportunities they otherwise might not have access to.

Copyright DiutoCoinNews

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from  DiutoCoinNews.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *