Exploit Allows Hackers to Siphon $120 Million From Defi Protocol Badgerdao – Bitcoin News

The decentralized autonomous organization (DAO) called Badgerdao has disclosed that it has “received reports of unauthorized withdrawals of user funds.” The analytics team Peckshield estimates that over $120 million was siphoned in the Badgerdao breach.

Badgerdao Suffers $120 Million Exploit — Engineers Pause Smart Contracts

According to Badgerdao’s official Twitter account, the team has noticed reports of unauthorized withdrawals from the protocol’s system. “Badger has received reports of unauthorized withdrawals of user funds,” the team stressedTuesday night at 11:30 PM (EST). “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,” the team added.

Peckshield shared with its 22,000 twitter followers, the damage that was caused by Badgerdao’s breach. “Here is the current whereabouts as well as the total loss: $120.3M (with ~2.1k BTC + 151 ETH),” Peckshield tweetedOnce the losses were evaluated. In response to Badgerdao’s tweet about unauthorized withdrawals, many users complained of significant losses.

“I thought this sh** was decentralized?” an account called ‘Diary of a Recluse’ wrote in response to Badgerdao’s tweet on Wednesday. “Wtf? “Wtf? I own more than 2.2 million dollars worth of badgers. There is no other way. [way to]How can I remove money? Wtf? Wtf? I’ve saved my whole life in badger coin money. Is there anything to be done? Wtf?” Another investor apparently invested their kid’s university funds into the Badgerdao defi protocol. The person wrote:

This is an absolute disgrace. My son’s university fees were all in this, our lives have been destroyed!

Exploit Discussion Moves to Badgerdao’s Official Discord Channel

It’s hard to verify whether or not the people’s stories are true but there are many complaints from Badgerdao users losing large sums of crypto. “I’m feeling sick. Nearly 200k people vanished. Please don’t let this be true,” another individual remarked to Badgerdao’s Twitter statement on Wednesday.

After Wednesday’s announcement, Badgerdao has not provided any updates to the public. Badgerdao customers can find a message from the web portal app.badger.finance that directs them to the Discord channel, where the majority of the conversation is taking place. Discord users express frustration at not being allowed to access Badger vaults, or the pool rewards.

In this story, tags
$120 million, $120M Badger engineers, Badgerusers, Badgerdao Team, Breach

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