Sometimes there are high ceilings and low floors in terms of encryption. Another hacking incident occurred this week. Earlier reports stated that the hacking was a front-end compromise that caused users to be tricked into approving unwanted transactions.
After the news comes Vee Finance agreement worth 35 million US dollars DeFi hacking In recent months, our team at NewsBTC reported around the middle of the year that The pace of crypto hacking and fraud reached a record year.
This week’s BadgerDAO compromise is one of DeFi’s biggest compromises to date.
BadgerDAO hacker: what we know
The agreement cited “reports of unauthorized withdrawal of user funds” late Wednesday and began to suspend all smart contracts on the agreement:
Badger has received reports of unauthorized withdrawal of user funds.
When Badger engineers investigated this, all smart contracts were suspended to prevent further withdrawals.
Our investigation is ongoing and we will release more information as soon as possible.
— ₿adgerDAO 🦡 (@BadgerDAO) December 2, 2021
The BadgerDAO token (BADGER) dropped by about 20% after the news of the hacking attack. The platform aims to earn Bitcoin revenue through various vaults.
Blockchain audit company PeckShield reported in the early hours of Thursday that the loss exceeded $120 million, spanning 2 BTC and more than 150 ETH, and it has been sustained. However, various assets were destroyed during the hacker attack. There were several large wallet losses, including $5 million in a transaction. PeckShield also published a list of transactions for hacked funds, but Early on Thursday Said “It looks like good progress has been made. Fingers interlocked!”
All things considered, the BADGER coin has held up relatively strong in light of this week's hack. | Source: BADGER-USD on TradingView.com
Strong opposition and a bigger picture
Unsurprisingly, the community’s response to this news was not ideal. Many Twitter responses from users pointed out that they were heartbroken due to the loss of funds. Some users even continue to imply that hackers are a carpet because it looks like a front-end attack.
Some further speculation comes from the financial loss of the Celsius network on the CeFi platform. However, so far, the note on degrees Celsius seems to be a rumor with no substance. Only time will tell whether more precise details are exposed, or whether Celsius will issue a statement on the rumors.
In addition, many community members pointed out that the agreement to “suspend” smart contracts-although it is wise to protect user funds-violates the principle of decentralization.
Overall, the continued emergence of insurance plans bodes well for DeFi. Our NewsBTC team only wants the BadgerDAO protocol and its users to go well.
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Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.