The DeFi Dego Finance project was attacked, the damage amounted to more than $10 million

Opportunity always comes with risk, and DeFi is no exception. This time, Dego Finance’s cross-chain DeFi and NFT engine fell victim.

Dego Finance was launched on 2.10. chopped. Shortly thereafter, the project, along with popular exchanges like Binance, Kucoin, and Gate.io, closes the original administrator’s deposits and the DEGO equity tokens. The protocol also asks Uniswap, Poloniex, PancakeSwap, WazirX… to do the same to minimize the damage.

Hacker Dego Finance siphons $10 million

Official Twitter of Dego Finance to explain Their addresses, which provide liquidity on popular decentralized exchanges like Uniswap and PancakeSwap, have been compromised. As a result, the liquidity of the DEGO pairs provided by the team was depleted.

The DeFi platform is also urging hackers to come out and talk to them.

“We will keep everyone involved updated on the latest developments and discuss how to identify hackers and recover from damage with reputable security teams. We also ask the hacker to come forward and get in touch.”

According to blockchain security and analytics company pointed shield, the hacker siphoned more than $10 billion from Dego Finance and GameFi Incubator Cocos-BCX. The company’s data records funds from 13 depleted addresses belonging to Binance Smart Chain (BSC), Ethereum and Cronos.

Source: Pecksheid

DEGO almost 20% discount

Dego Finance’s DEGO token took a serious hit after the hack. The price fell nearly 20% from $4.50 to $3.65 in a matter of hours on Thursday morning.

Source: Trade View

Launched in 2020, Dego Finance offers both DeFi and NFT tools. It is claimed to be an open NFT ecosystem that allows users to mint non-fungible tokens to start NFT mining in addition to auctions and trades.

The project also provides cross-chain infrastructure to facilitate blockchain ventures to grow user base, distribute tokens, and develop more diverse NFT-based applications. March 2021 Binance notification List the project in the Innovation category.

Carpet pulls and hacks have continued to wreak havoc in the DeFi space in recent years. 2021 is an epic year for DeFi and an equally epic year for the bad guys in space. In fact, rug pulling accounted for 37% of total scam revenue last year, instead of just 1% in 2020. That will continue to be the case this year as similar events continue to be widespread.

Recently, Pecksheid discovered more than 50 suspicious projects on Binance Smart Chain (BSC).

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