BadgerDAO Loses $120M to Security Breach
Updated · Feb 21, 2022
On Wednesday, DeFi protocol BadgerDAO suffered a cyberattack, leading to losses of approximately $120 million in cryptocurrency assets.
The Coin Heist
Peckshield, a blockchain security company discovered the attack on Wednesday. The security firm is currently working with BadgerDAO, announcing on Twitter that the theft consisted of around 2100 BTC and 151 ETH.
— PeckShield Inc. (@peckshield) December 2, 2021
The DeFi platform confirmed the breach in a tweet, declaring a pause of user withdrawals.
Badger has received reports of unauthorized withdrawals of user funds.
As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals.
Our investigation is ongoing and we will release further information as soon as possible.
— ₿adgerDAO 🦡 (@BadgerDAO) December 2, 2021
Badger indicates that malicious permission requests were the cause of the hack. Apparently, hackers inserted a malicious script in the website’s frontend, prompting users to grant access to the hacker.
The BadgerDAO token BADGER has taken a dive as a result of the heist, falling by more than 20% to $20.41 on Friday.
A Trend of Cyberattacks
With blockchain technology and cryptocurrency growing exponentially, security breaches have snowballed in parallel. Hackers and fraudsters stole an eye-watering estimate $10 billion dollars worth of cryptocurrencies over the last decade.
BadgerDAO is the latest DeFi platform to fall victim to cyberattacks. MonoX had contract exploits only days before, resulting in a $30 million loss.
Wednesday’s heist adds to approximately $3 billion in crypto assets lost in 2021, with wallets and exchanges being the most common victims.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
Latest from Author
Your email address will not be published.