BadgerDAO Loses $120M to Security Breach

Daniel Attoe
Daniel Attoe

Updated · Feb 21, 2022

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On Wednesday, DeFi protocol BadgerDAO suffered a cyberattack, leading to losses of approximately $120 million in cryptocurrency assets.

The Coin Heist

An unknown hacker, or group of them, successfully raided BadgerDAO’s Bitcoin and Ethereum coffers, carting away $120.3 million in assets. 

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.

The DeFi platform confirmed the breach in a tweet, declaring a pause of user withdrawals.

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.

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Daniel Attoe

Daniel Attoe

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.

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