DeFi altcoin projects MonoX and BadgerDAO suffered more than $150 million in losses this week in separate security breaches. We take a look at the hack attack and the developer teams’ comments.
DeFi altcoin projects worry about more losses
Multi-chain DEX platform MonoX (MONO) suffered a cyberattack on November 30, inflicting approximately $31 million in losses. BadgerDAO (BADGER) suffered a front-end attack that was discovered on Dec. 2, and Badger’s losses are estimated to exceed $120 million. MonoX decentralized exchange suffered a single attack on November 30. In this attack, a bug in the smart contract allowed a discrepancy between the prices of assets when changed manually. It is reported that hackers can inflate the price of MONO via smart contract and then buy other cryptocurrencies from the protocol with MONO.
The MonoX team confirmed the claim that other cryptocurrencies can be inflated with MONO in a November 30 tweet. An autopsy released on Dec. 2 revealed that the total damage was approximately $31 million. The team added:
Days like yesterday are terrible, there is no medicine to make up for the bitter reality of an exploited contract and people losing money. Our supporters believed in a new project like us and we failed them yesterday.
Rather than a single major exploit, the Badger security breach was an ongoing threat to users interacting with Badger DAO’s platform. Discord users began reporting unusual spending requests and alert managers from the Badger platform on social media and on Discord as early as 27 November. Administrator Blackbear said the request was unusual, but most likely caused by a benign bug in the front-end user interface (UI).
It turned out that the bug in the user interface was that the malicious attacker was trying to steal money from this user’s footage. The same tactic would be used on random users days or even weeks before it was discovered as a security breach. According to blockchain analytics firm PeckShield, at the time of writing, losses from the Badger attack exceeded $120 million, including 2078.76 BTC, 30.27 ibBTC and 151.32 ETH. The Badger team is investigating the issue and has paused all smart contracts in the protocol to prevent further loss.
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