Badger DAO Losses In Million's In A Recent Cyber Attack.

Badger DAO Losses In Million's In A Recent Cyber Attack.

2021-12-03 | Big Bob

Badger DAO Losses In Million's In A Recent Cyber Attack.

Badger DAO, a decentralized self-sufficient organization (DAO) that enables Bitcoin (BTC) to be consumed as collateral across decentralized finance (DeFi) applications, has plunged victim to an exploit It was initially assumed that the project has lost over USD 10m worth of crypto purchases. Though, Etherescan transactions indicate that one of the suffered users has lost around 897 WBTC (wrapped BTC) (USD 51m), speculating that the hack is much massive than originally believed. The invasion, which was made known at about 2 a.m. UTC on Dec. 2, targeted the protocol on the Ethereum system at contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107. Besides, Etherescan transactions show that the hacker has taken WBTC 1,085), 136,000 cvxCRV (Convex CRV), 64,000 veCVX, and distinct forms of vaulted and synthetic crypto assets from users wallets - lifting the sum stolen over USD 62m. The Badger DAO committee has not ascertained the exploit, but it administered a tweet at 4:30 a.m. UTC declaring that they have "received reports of unauthorized withdrawals"  All smart contracts on Badger DAO have been halted to avoid any further potentially vicious withdrawals. Meanwhile, some users believe that the assailant has been "sneaking in approvals in between legit deposit and reward transactions," extorting reserves for nearly 12 days, putting in that it could be a so-called wig pull when creators discontinue a project and run away with investors' funds. BADGER is down 8% to $20.94 at the time of writing as per Coinmarketcap.

Badger DAO Losses In Million's In A Recent Cyber Attack.Badger DAO Price Chart: Source - CoinMarketCap

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