Hackers steal $ 120 million worth of cryptocurrencies from blockchain-based DeFi platforms

Hackers steal $ 120 million worth of cryptocurrencies from blockchain-based DeFi platforms

Hackers stole $ 120 million worth of crypto tokens from the blockchain-based decentralized financial platform (DeFi) Badger DAO. Some crypto wallets were emptied before the platform stopped cyber attacks. In a
tweet, the badger said he had received reports of fraudulent withdrawals of user funds.
“While badger engineers are investigating this, all smart contracts have been suspended to prevent further withdrawals. Our investigation is underway and will provide more information as soon as possible. We plan to do so, “the company said late Thursday. According to Peckshield, a
blockchain security and data analysis, the various tokens stolen in the attack are valued at around $ 120 million, The Verge reports.
It has been reported that someone has inserted a malicious script into the user interface (UI) of their website.
Badgers have hired data forensics expert Chainalysis to investigate the full story of the case and have been notified to US and Canadian authorities.
“Badgers are fully cooperating with external investigations and are also conducting their own investigations,” he said.
DeFi is a collective term for financial products and services that are open, decentralized and accessible to everyone. DeFi products provide financial services to anyone connected to the Internet, most of which is owned and maintained by users. The
attack did not reveal a specific flaw in the blockchain technology itself, but reportedly succeeded in exploiting an older “Web 2.0” technology that required most users to execute transactions.

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