Someone just lost $ 50 million worth of bitcoins to DeFi Hacker

Badger DAO, a Bitcoin-focused decentralized finance project built on top of the Ethereum blockchain, ran out of around $ 100 million as a result of a nasty front-end attack.

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

https://twitter.com/peckshield/status/1466294179676372992?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

https://twitter.com/econoar/status/1466296858213371906?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
In a statement on Twitter, the team confirmed reports of unauthorized withdrawals, adding that its engineers are investigating the issue.

The protocol’s smart contracts have been temporarily paused.

https://twitter.com/BadgerDAO/status/1466263899498377218?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
According to DeFi Pulse, Badger DAO is the 23rd largest DeFi protocol on Ethereum. Last month, the total value exceeded $ 1 billion.

Badger DAO enables users to generate passive income with Bitcoin by converting it to Wrapped Bitcoin (WBTC) or RMB and depositing into algorithmically assigned sett vaults and combining their winnings automatically.

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

BADGER, the native token of the Badger DAO project, is down 15.3% on the news, according to CoinGecko data.