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MonoX Finance was hacked and lost $ 31 million

A hacker took advantage of MonoX Finance‘s single token liquidity platform and stole all $ 31 million worth of tokens on Ethereum and Polygon. This is the third project to appear on Primelist, the token listing platform of the major Huobi exchange, earlier this month.

MonoX Finance hacked

Another DeFi protocol was hacked by hackers.

MonoX Finance, a DeFi protocol that allows users to provide liquidity in individual assets on Ethereum and Polygon, has been hacked. Users noted that all of the staking pools on Ethereum and Polygon were emptied Tuesday morning with tokens valued at over $ 31 million.

Igor Igamberdiev was the first to report the incident on Twitter. Among the funds lost is $ 18.2 million in Wrapped Ethereum and $ 10.5 million in MATIC. There are also smaller quantities of several other tokens, including Wrapped Bitcoin, Chainlink, Unit Protocol, Aavegotchi, and Immutable X.

https://twitter.com/FrankResearcher/status/1465679352448917504?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

On Telegram, MonoX Finance founder and CEO Ruyi Ren confirm that the log has been hacked and the MonoX team is trying to contact the hacker to “win back funds with a reasonable reward”.

According to BlockSec, hackers bypassed MonoX’s smart contracts to increase the price of the protocol’s MONO token. Once the price of MONO had risen sufficiently, the hacker used the token to swap all of the other assets in MonoX’s liquidity pool.

The MonoX Finance team also released a statement confirming the attack, which states:

“A method in the sswap contract was exploited and drove up the price of the MONO token. The attacker then bought all other assets in the pool with MONO. “

MonoX was previously audited by two smart contract auditors – Peckshield and Halborn. However, both audits were unable to identify the exploit the hacker used to remove smart contracts from the log.

MonoX is the latest victim in a long list of DeFi protocols hacked this year. In October, Indexed Finance was mined for $ 16 million when a hacker circumvented the protocol’s smart contract to miscalculate the value of the assets on deposit. Like MonoX, Indexed Finance also had two separate audits, but could not find any weak points in the smart contracts.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.