Single User Loses $50 Million Bitcoin in Badger DAO Hack

Single User Loses $50 Million Bitcoin in Badger DAO Hack

In 2021, we have seen a trend of decentralized finance (DeFi) protocols being breached. These exploitations have led to over $10.5 billion worth of user funds has been stolen through DeFi fraud and theft in 2021.

Days before its one-year anniversary, Badger DAO, a Bitcoin-focused decentralized finance project built on the Ethereum blockchain, has become the latest DeFi protocol to suffer from a network breach. 

According to PeckShield, a blockchain data and security analytics company, a total of $120.3 million was stolen in the front-end attack of the BadgerDAO protocol.

Before the hack, Badger was ranked as the 23rd largest DeFi protocol on Ethereum. In November, Badger DAO reached a TVL (total value locked). According to Defipulse, the TVL in Badger has now dropped to $787 million.

 

A Single User Lost $50 Million

Explaining the breakdown of the network breach, PeckShield stated that a single user had lost 896 BTC (roughly $50 million at the current Bitcoin price) to the network breach.

PeckShield Tweeted;

On The Flipside

  • Despite the growing attacks on DeFi protocols, the sector is enjoying increased attention from investors – over $275 billion is currently locked in DeFi protocols

Why You Should Care?

The recurring security issue is one challenge DeFi protocols must find a solution to, as they aim to get mass adoption

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