The spread of cryptocurrencies and blockchain technology has brought hacking events with it. Hacking incidents, especially in decentralized finance (DeFi) resources, caused investors to suffer.
The decentralized finance (DeFi) resource BadgerDAO protocol has also been the latest victim of hacks.
According to data from blockchain data and security firm PeckShield, the total loss is estimated to be around $120 million, consisting of 2,100 BTC and 151 ETH. It is also among the information that this damage may be more.
Users first started reporting a problem with the BadgerDAO protocol around 9pm on Wednesday.
Then, BadgerDAO protocol also confirmed this hack event by tweeting that the engineers were doing the necessary research, all smart contracts were paused to prevent further losses and they would release more information as soon as possible.
Badger has received reports of unauthorized withdrawals of user funds.
As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals.
Our investigation is ongoing and we will release further information as soon as possible.
— ₿adgerDAO 🦡 (@BadgerDAO) December 2, 2021
As a result of the hack, Badger DAO’s local cryptocurrency, BADGER, experienced a decrease of approximately 20%.