Hackers have stolen crypto tokens worth $ 120 million from blockchain-based decentralized funding (DeFi) platform BadgerDAO. Several crypto wallets were emptied before the platform could stop the cyberattack.
In a tweet, Badger said he had received reports of unauthorized withdrawals of user funds.
“While Badger engineers investigate this, all smart contracts have been suspended to prevent further withdrawals. Our investigation is ongoing and we will release further information as soon as possible,” the company said Thursday evening.
According to security and data analytics blockchain Peckshield, the various tokens stolen in the attack are worth around $ 120 million, reports The Verge.
According to reports, someone inserted malicious script into the user interface (UI) of their website.
Badger has retained the services of data forensics experts Chainalysis to explore the full extent of the incident and authorities in the United States and Canada have been notified.
“Badger is cooperating fully with external investigations as well as his own,” he said.
DeFi is a collective term for financial products and services that are open, decentralized and accessible to all. DeFi products open up financial services to anyone with an internet connection, and they are largely owned and managed by their users.
While the attack did not reveal any specific flaws within the Blockchain technology itself, it did manage to exploit the older “web 2.0” technology that most users have to use to complete transactions, according to the reports. reports.
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