Decentralized finance and NFT protocol Dego Finance announced that he was exposed to a hacking attack. The recently launched project is built on multiple blockchains such as Binance Smart Chain (BSC), Polkadot, and Ethereum.
It allows blockchain projects to acquire more users, distribute tokens, and develop more diverse NFT applications. However, on February 10, Dego finance team announced that addresses providing liquidity in UniSwap and PancakeSwap were hacked.
Dear users,
We have just found out that our address providing liquidity on @UniSwap& @PancakeSwap was hacked hence DEGO pairs liquidity provided by the team was drained. We have already contacted operation team @binance , @kucoincom, @gate_io. They have closed deposit on DEGO.— DEGO (@dego_finance) February 10, 2022
In addition to alerting the exchanges mentioned in their tweet, Dego finance also supports BitMart, Bithumb Global, Poloniex, Uniswap, PancakeSwap, etc. It also asked other exchanges, including the platform, to close deposits on the platform.
“If the exchanges close these accounts, the hacker cannot do us any harm. We will continue to share up-to-date information with all our stakeholders, and we will also discuss with experts on how to identify the hacker and recover the losses. We also want the hacker to communicate and cooperate with us.”
After the attack, DEGO The spot market experienced tremendous volatility. Immediately after the attack, the token fell more than 20% to $3.47 within an hour. However, traders took advantage of the bottom and immediately bought more tokens as they rebounded by 15% right after. DEGO is currently trading at $4.
What is Dego Finance?
As mentioned above, Dego finance provides services as an NFT and DeFi protocol. It can be summarized as having two functions:
i) Acts as an independent and open NFT system.
ii) Establishes an NFT protocol to provide a cross-chain Layer-2 infrastructure.
These functions have received a lot of attention from users on the blockchain. Along with use cases, the platform offers a variety of products that help sustain the lifestyle of NFTs. DEGO NFT has the package.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.