MonoX project lost $ 31 million of cryptocurrencies due to cyberattack

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The hacker exploited a vulnerability in the swap contracts of the DeFi MonoX Finance project. He raised the price of the MONO token and then bought and withdrawn WETH and MATIC tokens for tens of millions of US dollars.

Decentralized financial platform MonoX Finance November 30
reported on Twitter, which was subjected to a cyberattack, as a result of which users’ tokens were stolen from the platform. According to the operator, the hacker “used a vulnerability in the swap contract to raise the price of the MONO token to sky-high values.” The attacker then used the MONO token to buy other cryptocurrencies.

According to various estimates, the total amount of stolen crypto assets is about $ 31 million. Wrapped Ether (WETH) tokens and more than $ 10 million Polygon tokens (MATIC) were stolen for $ 18 million. For another $ 3 million, the hacker stole WBTC, GHST, DUCK, IMX, MIM and LINK tokens.

The MonoX project reported that the security service is currently investigating the incident. The developer wrote that he wants to contact the hacker and find out what the attacker wants. He confirmed that the project continues to work and there is no reason to close it.

In early November, the bZx decentralized lending protocol reported that the private keys for managing contracts on the Polygon and Binance Smart Chain networks had been compromised. This resulted in a loss of $ 55 million in assets. In late October, a decentralized exchange supporting multiple Boy X Highspeed (BXH) blockchains was hacked. The reason for the hack was a leak of administrator keys. As a result of the cyberattack, $ 139 million worth of cryptocurrencies were stolen.

In just 10 months of 2021, hackers removed $ 680 million from DeFi projects during 70 hacks. A total of $ 1.4 billion was stolen, but $ 760 million was recovered. Experts believe that the number of hacks on decentralized finance platforms is due to the fact that the industry is just beginning to develop.

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