Single User Loses $50 Million Bitcoin in Badger DAO Hack
DailyCoin
Published Dec 02, 2021 09:31AM ET
Updated Dec 02, 2021 10:02AM ET
Single User Loses $50 Million Bitcoin in Badger DAO Hack
In 2021, we have seen a trend of decentralized finance (DeFi) protocols being breached. These exploitations have led to over $10.5 billion worth of user funds has been stolen through DeFi fraud and theft in 2021.
Days before its one-year anniversary, Badger DAO, a Bitcoin-focused decentralized finance project built on the Ethereum blockchain, has become the latest DeFi protocol to suffer from a network breach.
According to PeckShield, a blockchain data and security analytics company, a total of $120.3 million was stolen in the front-end attack of the BadgerDAO protocol.
Before the hack, Badger was ranked as the 23rd largest DeFi protocol on Ethereum. In November, Badger DAO reached a TVL (total value locked). According to Defipulse, the TVL in Badger has now dropped to $787 million.
A Single User Lost $50 Million Explaining the breakdown of the network breach, PeckShield stated that a single user had lost 896 BTC (roughly $50 million at the current Bitcoin price) to the network breach.
PeckShield Tweeted;
One most affected user (w/ the loss of ~900 BTC): 0x53461e4fddcc1385f1256ae24ce3505be664f249. And here is the transfer-out tx: https://t.co/megVFFy2Z8— PeckShield Inc. (@peckshield) December 2, 2021
On The Flipside
- Despite the growing attacks on DeFi protocols, the sector is enjoying increased attention from investors – over $275 billion is currently locked in DeFi protocols
Why You Should Care?
The recurring security issue is one challenge DeFi protocols must find a solution to, as they aim to get mass adoption
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