Badger DAO, a Bitcoin-focused decentralized finance project built on top of the Ethereum blockchain, suffered a front-end hack and $ 100 million disappeared.

According to blockchain security firm PeckShield, a user lost 896 BTC (about $ 50 million).

A hardest hit user (with the loss of ~ 900 BTC): 0x53461e4fddcc1385f1256ae24ce3505be664f249. And here is the transfer-out Tx:https://t.co/megVFFy2Z8

– PeckShield Inc. (@peckshield) December 2, 2021

In a statement on Twitter, the group confirmed reports of the attack, adding that their engineers are investigating the problem.

The protocol’s smart contracts have been temporarily paused.

According to DeFi Pulse, Badger DAO is the 23rd largest DeFi protocol on Ethereum. Last month, it peaked at $ 1 billion in Total Value Locked (TVL).

The Badger DAO enables users to generate passive income with Bitcoin by converting it to WBTC or renBTC and depositing it into algorithmically distributed set vaults and automatically matching the user’s returns.

The hack happened just days before the protocol’s one year anniversary.

BADGER, the native token of the Badger DAO project, fell 20% from $ 29 to $ 20, according to TradingView data after the news was announced.

Source: TradingView

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