Badger DAO to Recover Funds After a Hack

by in DeFi News

Badger DAO Improvement Proposal

DeFi protocol Badger DAO was hacked on December 2, and attackers managed to access funds worth around $130 Million. The team announced that smart contracts were paused to disallow further withdrawals while they were investigating the hack.

Related: BitMart Hacked: Loss of Around $190 M Is Estimated

On December 10, Badger announced the process of Return Recoverable Funds (RFF). On the next day, the platform published a blog post, clarifying that the hack happened as the attacker or attackers found a flow on an app platform Cloudflare, which runs on Badger's cloud network. Hackers managed to steal $130 M in funds, but $9 M was possible to recover, as the amount wasn't withdrawn from Badger's vaults yet.

Currently, Badger network participants vote on the smart contract improvement proposal. It's mentioned in the BIP (Badger Improvement Proposal) that smart contracts will function soon, once the network is sure it is safe to do that.

Badger DAO was launched in December 2020. Its purpose is to bring Bitcoin to DeFi. The protocol has its native token BADGER, which currently trades at $13.6.