A crypto user lost $50M on Badger DAO

Badger DAO faced an attack on its platform and lost a total of 100 million dollars worth of Bitcoins.

Hacking attacks on the Defi projects is not a strange thing in the crypto market because the Defi industry is still in the initial development phase and there is a need of huge time to evolve this industry to ensure better security to the users. However many Defi projects are trying to fix the bugs from the platform. Polygon & BSC network is trying their best by running Bug bounty programs but still, these things are not sufficient because hackers can make more than what they can make from the Bug Bounty rewards. In the latest, Badger DAO faced a hack attack.

Badger DAO is a Defi protocol and this project is dedicated to the scaling of Bitcoin tokens. In actuality this platform allows their users to deposit Bitcoin and convert them into wBTC and rBTC to earn passive income. This platform is running on the Ethereum blockchain network. 

Recently a nasty front-end attack caused the drain of $100 million worth of Bitcoins.

A single user, who deposited his Bitcoin in the protocol lost around $50 million worth of Bitcoin i.e around 896 Bitcoins in this attack, according to blockchain security company PeckShield.

Through Twitter, the team behind the project said that they saw the unauthorized withdrawal of the funds, and the engineers of the team are investigating the issues. 

For now, the smart contract of the protocol has been frozen in order to ensure security against the issue.

In the present time, Badger DAO is the 23rd ranked decentralized platform on the Ethereum blockchain network, according to data available on the Defi pulse. 

Badger is the native coin of the Badger DAO project. And currently, this coin is down by around more than 15% because of this hacking attack news. 

A crypto user lost $50M on Badger DAO 1
Source: CMC

Read also: Will Twitter shift its blockchain initiative with Ethereum instead of Bitcoin