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Usha Yadav
Dec 3, 2021
by Usha Yadav

BadgerDAO Suffers a Security Compromise and Loses $10 Million in a Cyberattack

Security BadgerDAO Compromised
The security of BadgerDAO has been compromised leading to a net loss of over $10 million which has now been revealed as a cyberattack.

To avoid further losses, all smart contracts have been suspended, although users are asked to cancel the authorization to the compromised smart contract. The attack attacked the protocol on the Ethereum network at the contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107.

It was made public at about 2 a.m. UTC on Dec. 2.

The Security of BadgerDAO gets Compromised from a Cyberattack

Users who have dealt with this contract are encouraged to remove it from their wallets. To revoke a contract's authorization, go to etherscan.com and log in with a wallet you suspect is exposed. Even though the attack occurred lately, the contract's consent may have been granted weeks earlier.

The BadgerDAO team has not acknowledged the exploit, but it did recognize that there have been complaints of issues in a tweet at 4:30 a.m. UTC. To prevent any more possibly harmful withdrawals, all smart contracts on BadgerDAO have been suspended.

 

Some Users Received Unusual Spend Requests

According to early reports, some users received unexpected spend requests from the protocol's smart contracts. These queries are thought to be the result of an attack carried out via the protocol's front-end.

"It looks like a handful of users had approvals set for the exploit address allowing it to function on their vault funds, and that was abused," core contributor Tritium stated on Badger's official Discord server.

Some alleged losses have risen to more than $100 million, with one user losing $90 million.

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BadgerDAO Suffers a Security Compromise and Loses $10 Million in a Cyberattack
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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