A decentralized finance (DeFi) platform, BadgerDAO, has become the latest to fall victim to a hack, with $100 million in various cryptocurrencies stolen from the “yield vault” protocol. According to the report of PeckShield, a company working on blockchain security, a single user lost 896 Bitcoin (BTC). Meanwhile, the platform’s altcoin project BADGER has lost 15 percent of its value. cryptocoin.com We are reporting the details as…
DeFi platform hacked: Altcoin price fell hard
BadgerDAO, the Bitcoin-focused DeFi project running on Ethereum, lost $100 million in a front-end attack. Users first reported potential issues on the protocol’s Discord Wednesday night. Current speculation on community channels is that the attack was the result of an exploit in the Badger.com user interface, not the underlying protocol conventions. Many affected users have reported that they noticed wallet providers making fake requests for additional permissions when claiming yield farming rewards and interacting with Badger vaults.
Observers say the hacker received 185 WBTC, 136,000 cvxCRV, 64,000 veCVX, and various forms of BTC from the affected wallets. While the contracts have been discontinued, community members recommend that depositors use tools like Debank and Unrekt to revoke malicious contract clearances. Meanwhile, according to PeckShield, a user lost 896 Bitcoins worth about $50 million.
Finally, with the news of the attack spreading, BADGER owners seem to have gone on sale. BadgerDAO’s governance and rewards token, BADGER, has lost 15 percent in the last 24 hours, falling sharply from $28.48 to $22.15 in the last 24 hours. It’s changing hands at $22.79 at the time of writing. The weekly chart of the altcoin is as follows:
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