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HomeCryptocurrencySomeone Just Lost $50 Million Worth of Bitcoin (BTC) To Decentralized Finance...

Someone Just Lost $50 Million Worth of Bitcoin (BTC) To Decentralized Finance (DeFi) Hacker

Badger DAO, a Bitcoin-focused decentralized finance project built on the Ethereum blockchain, has been drained of roughly $100 million as a result of a nasty front-end attack.

A single user has lost 896 BTC worth relatively $50 million, according to blockchain security company PeckShield.

Read Also: 17-Year Old Hacker Admits to Stealing 88 ETH Worth $340,000 in NFT Scam, then Refunds it

In a Twitter statement, the team has acknowledged reports of unauthorized withdrawals, adding that its engineers are investigating the issue.

Read Also: Up To $10,000 Offered to Any Hacker Who Can Find Cyber Flaws on Cardano Network

Due to this unfortunate occurrence, the protocol’s smart contracts have been temporarily halted.

BadgerDAO tweeted, “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.”

According to data provided by DeFi Pulse, Badger DAO is the 23rd biggest DeFi protocol on the Ethereum blockchain. Back in November, it topped $1 billion in total value locked.

Badger DAO allows users to earn passive income with Bitcoin by converting it to either Wrapped Bitcoin (WBTC) or renBTC and depositing it into Sett vaults that algorithmically allocate and autocompound users’ yields.

Read Also: What Charles Hoskinson Said about the Possibility of Hacking Smart Contracts on Cardano Network

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The hack happened just days before the yield vault protocol’s one-year anniversary.

According to CoinGecko data, BADGER, the native token of the Badger DAO project, is down 15.3% on the news.


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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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