Badger DAO falls prey to DeFi exploit, losses estimated at $10 million

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Bad­ger DAO, a Bit­coin-focused DeFi plat­form, has been alleged­ly exploit­ed. The plat­form tweet­ed ear­li­er today that it received reports of “unau­tho­rized with­drawals of user funds.” It stat­ed,

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

Mean­while, Bad­ger con­firmed that the engi­neers have halt­ed all smart con­tracts to pre­vent fur­ther with­drawals. Hav­ing said that, blockchain secu­ri­ty and data ana­lyt­ics com­pa­ny Peck­Shield Inc. released a list of funds that were trans­ferred out from vic­tims’ wallets.

With that, some ear­ly esti­mates mapped the loss­es to be around $10 mil­lion. How­ev­er, the stolen amount may have eas­i­ly exceed­ed that fig­ure with one user report­ed­ly los­ing 900 BTC, which will be worth over $50 mil­lion at the time of writing.

Bad­ger core con­trib­u­tor Tri­tium stat­ed 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.”

Mean­while, anoth­er user spec­u­lat­ed that steal­ing has been hap­pen­ing for the last 12 days.

At press time, Bad­ger DAO’s BADGER token was down over 16% in the last 24 hours, priced at $22.50.

Yes, the DeFi ecosys­tem wit­nessed a lot of hacks. Accord­ing to data from The Block, the chart shows over $600 mil­lion worth of stolen funds from DeFi projects as of Novem­ber this year.

How­ev­er, data also sug­gests that most of the stolen funds were returned in the month of August. Just this week, MonoX Finance also con­firmed that a hack­er had exploit­ed the liq­uid­i­ty plat­form by using MONO tokens to pur­chase all the oth­er assets in the pool. The report­ed loss is around $31 mil­lion on Ethereum and Poly­gon chains.

Mean­while, exploits suf­fered by the likes of Cream Finance and theft on Com­pound remain two of the largest DeFi exploits, as per The Block’s data­base.



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