DAO team confirmed they may face loss of $7M because of attack

Yesterday a hack attack was faced by the DAO crowdfunding platform. Team behind the DAO claimed that they didn’t face any type of loss. But now they confirmed that they faced loss.

On 1 AM UTC, DAO Maker faced a malicious attack by the hackers. In the very starting, the team was confident with their security against the attack and claimed that the attack on their platform will not Impact on the working system of the company. 

Related: Hacker Attacks On DAO Maker Crowdfunding Platform

But later on the same day on 12 August, the DAO team confirmed that they faced huge losses because of the attack. They may have lost around $7 million of crypto assets, before the maintenance.

After the attack by the hackers, their deposit smart contract system gets affected. And the team supposed that the hackers stole 10,000 USDC. But actually after that hackers did 15 transactions. 

Before the maintenance on the platform by security experts, hackers stole huge funds. 

In this attack, 5251 users get affected and around $1250 USD loss per user can be seen.

Christoph Zaknun, CEO of DAO Maker

“The hacker was able to siphon approximately $7M, until our security team was able to trace, contain and stop the drain of funds. A total of 5251 users were affected, losing $1250 USD on average per user”

While the users with funds upto $900 didn’t face any type of loss from this attack. Probably the hackers target huge fund accounts. 

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