$120 million stolen in crypto hacking

The news of $120 million stolen in crypto hacking has shaken the world. Let’s take a look on this massive theft.

Initial Reports

According to recent reports, a hacker has stolen funds from multiple crypto wallets. The stolen amount is about $120 million in value. Peckshield which is also working to investigate the cyber heist gave the estimate.

The heist took place on the popular Cryptocurrency platform BadgerDAO. Badger is investigating this issue with Peckshield.

How the theft happened?

While the investigating team is yet to conclude, Badger executives speculate that the theft happened due to an injection attack where someone inserted a line of code in the User interface script of Badger. This modified code allowed the hacker to divert transactions to his account resulting in the massive theft.

Investigation

Blockchain technology allows transparency. And the transaction logs are recorded in public ledgers. One can view transactions from these ledgers. One transaction, so humongous transferred 896 coins to the hacker’s desired address. They were worth more than $50 million. Peckshield has disclosed this information in their tweet about this issue.

We’ve had a detailed discussion on DeFi platforms on our website. They allow users to lend their loans to other users and earn a handsome interest on that lent money. BadgerDAO is one of the many DeFi platforms out there. The BadgerDAO protocol helps people with BTC to “bridge” their coins over to the Ethereum platform with the help of their token.

Aftermath

After learning about the Hack, BadgerDAO froze all its activities. Smart contracts were paused immediately. Badger also requested all its clients to decline any transactions that lead to the hacker’s address.

It is unclear as of now, whether Badger will ever be successful in recovering the stolen assets or not. However, multiple Security firms are working to track and recover the funds, it’s really hard to retrieve the assets. This is due to the nature of Blockchain.

Conclusion

A massive Cryptocurrency heist of $120 million has been stolen in crypto hacking. This time from the popular DeFi platform, BadgerDAO.

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