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Friday, December 9, 2022

DeFi Disasters As BadgerDAO Lose $120M

Close to $150 million went down the drain this week in separate breaches of security at DeFi projects BadgerDAO and MonoX. MonoX, a multi-chain decentralized exchange, went on to suffer a cyberattack last Tuesday which led to around $31 million in losses.

BadgerDAO also went on to suffer an attack that was discovered on Thursday with the losses estimated at more than $120 million. The MonoX DEX platform also suffered another attack on Tuesday. A small contract bug did allow for a discrepancy to exist between the price of assets when they were manually changed. 

DeFi Protocols Suffer Major Attacks

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Twitter analyst Rekt News stated that the hackers were able to increase the price of MONO through the smart contract, while purchasing other assets from the DeFi protocol with MONO.

The hacker went on to create a loop through which the price of tokenOut would look towards overwriting the price of tokenIn, something that would pump the price of MONO over the course of quite a few swaps. It was also confirmed by the team of MonoX in a tweet as they stated that the last couple of days were quite horrible- as there was no use sugar-coating the harsh reality of the smart contract coming under exploitation. 

DeFi protocol MONO was listed on Huobi just a few days before the hack took place on MonoX. The security breach of Badger was also quite an ongoing threat to most users that were interacting with the platform of BadgerDAO rather than just a single large exploit. Several users of Discord started reporting unusual spending requests from the Badger platform. 

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The bug in the DeFi protocol turned out to be a malicious attack that was attempting to steal funds from the withdrawal of the user. 

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