Hackers steal $120m from Badger Defi and $30m from MonoX

MonoX security breach was caused by a bug in smart contracts meanwhile Badger is still investigating the incident.

Two DeFi projects BadgerDAO and MonoX are the latest victims of security breaches in which hundreds of millions of dollars worth of cryptocurrency has been stolen by hackers.

It is worth noting that both projects became victims in two separate breaches. In the case of the decentralized finance protocol BadgerDAO, the company discovered the attack on December 2nd in which hackers managed to steal $120 million, while MonoX lost $31 million to unknown attackers on November 30th.

MonoX $31 million Breach

As for how it happened, the MonoX DEX platform breach took place after hackers exploited a vulnerability in smart contract software. Smart contracts are digital contracts stored on a blockchain that is automatically executed when predetermined terms and conditions are met.

According to reports, hackers exploited the vulnerability to increase the price of MONO through smart contracts and bought assets with MONO tokens.

MonoX has acknowledged the breach and explained in a blog post that: 

The exploit was caused by a smart contract bug that allows the sold and bought token to be the same. In the case of the attack,

Read More: https://www.hackread.com/hackers-steal-badger-defi-monox/