Badger DAO, a protocol that allows users to use bitcoin as collateral across multiple DeFi projects, is said to have been exploited. Early estimates place the value of the stolen goods at around $10 million.
- Earlier today, reports surfaced that the DeFi protocol had been exploited, with the most prevalent theory indicating that the hack was against the Badger DAO’s user interface rather than the core protocol contracts.
- Users reported receiving suspicious requests for additional permissions while using the platform’s accounts.
- Some speculate that the perpetrators stole more than $10 million in various cryptocurrencies.
- The project quickly confirmed that it had received numerous reports of “unauthorized withdrawals of user funds.”
- Its engineers have begun an investigation and have temporarily halted all smart contracts in order to “prevent further withdrawals.” However, Badger did not provide additional information on the exact amount stolen or which parts of its operations were impacted.
- As a result of the hack, Badger’s native cryptocurrency (BADGER) has dropped 20% from a daily high of $29 to $22.
- Just a few days ago, ULTCOIN365 reported another DeFi protocol exploit in which hackers stole approximately $30 million in ETH and MATIC.
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.— ₿adgerDAO 🦡 (@BadgerDAO) December 2, 2021