Another day, another exploit in the decentralized financial space (DeFi) is reported.
DeFi was one of the fastest growing segments in the crypto space this year. The space also caught the attention of bad actors, which naturally led to nearly 200 DeFi hacks throughout the year. Some industry consultants expected it to expand in 2022. This was certainly a concern as we looked at several exploits in 2022. Here’s another one.
DEGO Finance, a cross-chain DeFi and NFT tool, was exploited on Feb. 10, draining the network for more than $10 million. Several Twitter accounts have tweeted the same, including the victim. It read as: Post the news, several exchanges like Binance, Kucoin and Gate.io are closing everything deposits of its native governance and equity token, DEGO. the protocol insisted Uniswap, Poloniex, PancakeSwap, WazirX, etc., to do the same to offset the losses. The network further added†
“We are keeping all stakeholders updated on the latest developments and talking to reputable security teams about how to identify the hacker and recover from the loss. We would ask the hacker to come forward and communicate.”
Peckshield, famous blockchain security and analytics company joined also the discussion. The series of tweets added that the exploiters withdrew over $10 million from Dego Finance and from GameFi Incubator Cocos-BCX. According to the aforementioned tweet, about 13 addresses were robbed of money. Some were owned by Binance Smart Chain (BSC), Ethereum and Cronos. Attacker’s address (0x118…c91) acquired assets worth over $2.4 million on BSC, over $4.9 million on ETH. Even assets on Cronos 196,256,723USDT and 199,401,967USDC were exploited. A detailed post-mortem report should be available shortly as part of the next steps. However, no such confirmation was available. The damage was already done anyway. The native token, DEGO took a huge hit. At the time of writing, the token suffered an 11% correction and traded at $4.05. In one of the biggest DeFi hacks on Feb. 3, the decentralized financial (DeFi) platform Wormhole fell victim to the biggest cryptocurrency theft this year and in the top five biggest crypto hacks of all time. The attacker exploited a vulnerability to make nearly $325 million.
This post DeFi Hack: DEGO Finance Loses Over $10 Million, Urges Exchanges To Stop All Deposits
was published first on https://ambcrypto.com/defi-hack-dego-finance-loses-over-10m-urges-exchanges-to-stop-all-deposits/