An unknown hacker or a group of hackers targeted the Bitcoin-focused DeFi platform Badger DAO. They managed to seize funds worth $120 M in different crypto assets.
Related: Rari Capital announced they'll compensate victims of hacking
Badger DAO announced receiving reports of wrongful withdrawals of funds. While the team is examining the case, smart contracts are frozen to stop forward outflow.Badger has received reports of unauthorized withdrawals of user funds.
— ₿adgerDAO 🦡 (@BadgerDAO) December 2, 2021
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.
Based on EtherScan data, blockchain analytics company PeckShield carried out calculations, according to which the entire amount of loss is around $120 M. Around 2.100 Bitcoins and 151 Ethers were withdrawn.
First, users revealed strange activities at around 9 pm EST on December 1 via Badger's Discord channel. The core contributor of the protocol, Tritium, wrote that most probably hackers cracked Badger DAO's interface. He said data show that many users had given permission for the exploit address enabling it to run on their vault funds, then the withdrawals came.
As for now, the team is trying to find how the address got approval and manage further steps.
The hack caused a price drop of the Badger DAO's native crypto, BADGER. In the recent 24 hours, the token fell by more than 19.3% and currently trades at around $22.