A Cryptocurrency Robbery! Almost $120 million in cryptocurrency has been stolen from BadgerDAO by hackers
An online fraudster managed to steal $120 million worth of cryptocurrency! In the end, it was the investors who took the brunt of the losses! A total of $120 million has been stolen from a number of cryptocurrency wallets linked to BadgerDAO, a decentralised financial platform. Approximately $120 million worth of cryptocurrency tokens were stolen in the cyberattack, according to blockchain security and data analytics firm Peckshield, which is working with online finance platform Badger to investigate the crypto heist. So that no further withdrawals can be made while the investigation is ongoing, the platform has temporarily halted all online contracts. To learn how the attacker managed to bypass two-factor authentication and connect to Cloudflare using an API key, Badger is looking into the matter.
PeckShield cites a single move that netted the attacker 896 Bitcoin worth more than $50 million. According to the researchers, the malicious code first appeared on November 10 and was executed at seemingly random intervals by the attackers in order to avoid detection. Badger team members have warned users that they believe hackers are installing a malicious script into the user interface of their website, even though the investigation is still ongoing. While the script was running, it tracked all Web3 transactions and sent a request to the attacker’s specified location to transfer the victim’s tokens.
BadgerDAO Tweeted “Badger has retained data forensics experts Chainalysis to explore the full scale of the incident & authorities in both the US & Canada have been informed & Badger is cooperating fully with external investigations as well as proceeding with its own,”
In order to allow cryptocurrency owners to engage in more traditional financial activities like earning interest through lending, decentralised finance, or DeFi, systems, make use of blockchain technology. According to a press release from BadgerDAO, “rest easy knowing you never have to give over the private keys for your crypto, you can withdraw whenever you want, and our strategists are working day and night to put your assets to work,” As a result of the protocol’s token, Bitcoin holders can now take advantage of DeFi opportunities that they would not have had otherwise been able to access on the Ethereum platform.