Here’s how BadgerDAO’s $120 million exploit played out, Rekt explains

ambcrypto.com:

Early on Thursday, news of the Bitcoin DeFi protocol BadgerDAO suffered a $120 million exploit that shocked the cryptocurrency industry. While the platform had shared an initial diagnosis of the attack on Twitter, the Rekt blog has now come up with a detailed post-mortem of the hack. It stated, “the badger is dead.”

According to Rekt, the attack had taken place on the front end of the application. The exploiter was able to insert additional approvals to send users’ tokens to their own address. The lost trust was then used by the attacker to fill up their own wallet.

Analytics platform DeFi yield also weighed in on the same, stating,

“Many impacted users alleged that while receiving yield farming rewards and engaging with Badger vaults, their