DeFi disasters: $31M drained from MonoX and BadgerDAO losses top $120M
More than $150 million has been lost this week in separate security breaches at DeFi projects MonoX and BadgerDAO.
Multi-chain decentralized exchange (DEX) MonoX (MONO) suffered a cyber attack on Nov. 30 leading to about $31 million in losses. BadgerDAO (BADGER) suffered a front-end attack that was discovered on Dec. 2 with estimates of Badger’s losses hitting more than $120 million.
The MonoX DEX platform suffered a single attack on Nov. 30. In this attack, a bug in the smart contract allowed for a discrepancy to exist between prices of assets, when manually changed.
Rekt News explained that hackers were able to inflate the price of MONO via the smart contract, then buy up other assets from the protocol with MONO.
“The hacker created a loop
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