Largest DeFi Hack Yet? BadgerDAO Hack Results In Loss Of $120M+
There are high ceilings and low floors when it comes to crypto at times. Another hack came to life this week, and early reports have stated that the hack was a front-end compromise that led to users being tricked into approving unwanted transactions.
The news comes after a $35M DeFi hack of the Vee Finance protocol in recent months, and our team at NewsBTC reported around mid-year that crypto hacks and fraud were on pace for a record year.
This week’s BadgerDAO compromise is one of DeFi’s biggest yet.
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The protocol cited “reports of unauthorized withdrawals of user funds” on late Wednesday, and proceeded to pause all smart contracts on the protocol:
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