Hack Attack Losses $120 Million Bitcoin, Ethereum On DeFi Protocol Badger

A hack attack on Decentralized Finance (DeFi) protocol Badger DAO has resulted in the loss of $120 million (about Rs 900 crore) worth of Bitcoin and Ethereum. The attack was detected last month and is being investigated. Badger has also banned asset withdrawals along with all smart contacts. The reason for this attack could be a deficiency in the user interface of the protocol. Badger has given some information about this matter on Twitter. “Our investigation is ongoing and we will provide more information soon,” it added.

The protocol’s token “BADGER” has dropped 16 percent since the attack, and CoinMarketCap As of now it is also trading at around $20. Badger Decentralized Autonomous Organization (DAO) allows the use of Bitcoin as collateral on DeFi applications. Data analytics firm PeckShield reported that the hack caused the firm to lose 2,100 Bitcoin and 151 Ethereum. The current price for Bitcoin is around $59,900 and that of Ethereum at $4,800.

the firm Told“Badger has assigned the responsibility of investigating this attack to data forensic experts. Authorities in the US and Canada have been informed about this, and Badger is cooperating with external investigations as well as investigating himself.”

There is a boom in the crypto market right now. Market Research Tracker CoinGecko As of now, its total market cap is around $3 trillion. Cybercriminals are targeting crypto holders, investors and exchanges to steal crypto assets. Ethereum-powered lending protocol, Cream Finance, lost $130 million in crypto assets in October in a major hack attack. The US Federal Bureau of Investigation (FBI) said last month that cybercriminals are using multiple methods to break into crypto assets. a recent Report It was told that the total crime related to crypto last year was about $10.52 billion (about Rs 79,194 crore). This caused losses to crypto exchanges as well as a large number of investors.
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