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<ul><li><keyword id="12661259" type="General" weightage="20" keywordseo="badgerdao" source="Orion">BadgerDAO</keyword> provides vaults for users to store <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> and earn yields.</li><li>The hack was unearthed by blockchain security firm Peckshield, which provided a document on the losses.</li><li>BadgerDAO’s hack isn’t the first such hack of 2021, but adds to the already huge tally.</li></ul>A hacker, or perhaps a group of hackers, have stolen $120.3 million in crypto by hacking into decentralised finance (DeFi) protocol BadgerDAO. The hack was discovered by blockchain security firm PeckShield, which tracked down the missing funds. <div type="twitter" handle="peckshield" handlename="PeckShield Inc." image="http://pbs.twimg.com/profile_images/987282435812421632/pYNsUGGp_normal.jpg" favoritecount="356" retweetcount="117" status="Here is the current whereabouts as well as the total loss: $120.3M (with ~2.1k BTC + 151 ETH) @BadgerDAO https://t.co/fJ4hJcMWTq" createdat="1638441706000" id="1466356911842856967"></div> After PeckShield went public, the DAO announced that they are looking into the hack. It has pushed pause on <a href="http://coindcx.com">smart contracts</a> for the time being in order to prevent further withdrawals. It is unclear when its restriction will be removed. <div type="twitter" handle="BadgerDAO" handlename="₿adgerDAO 🦡" image="http://pbs.twimg.com/profile_images/1392501414887313409/ixijGeIo_normal.jpg" favoritecount="439" retweetcount="166" status="Badger has received reports of unauthorized withdrawals of user funds.As Badger engineers investigate this, all s… https://t.co/aozhlizBOz" createdat="1638419530000" id="1466263899498377218"></div> BadgerDAO has roped in Chainalysis to investigate the issue along with the US and Canadian authorities. However, the has not clarified whether the victims will be refunded. <div type="twitter" handle="BadgerDAO" handlename="₿adgerDAO 🦡" image="http://pbs.twimg.com/profile_images/1392501414887313409/ixijGeIo_normal.jpg" favoritecount="109" retweetcount="15" status="The investigation continues. Badger has retained data forensics experts Chainalysis to explore the full scale of… https://t.co/bhXKwK4VhM" createdat="1638484203000" id="1466535158606086144"></div> <cmsannotation type="cmsannotation" annotationid="$120 million goes missing" comment="subhead" text="$120 million goes missing">$120 million goes missing</cmsannotation> PeckShield’s investigation shows that the attackers stole over $117 million worth of Bitcoin, while the rest of the missing assets were stored in the form of interest-bearing Bitcoin, a form of tokenised Bitcoin, and Ether — the native token of the Ethereum blockchain. The document shows that while some users lost $5 million worth of Bitcoin, others lost over $50 million. <cmsannotation type="cmsannotation" annotationid="What is BadgerDAO?" comment="subhead" text="What is BadgerDAO?"><keyword id="12661266" type="General" weightage="20" keywordseo="what-is-badgerdao" source="Orion">What is BadgerDAO</keyword>?</cmsannotation> BadgerDAO is a decentralised autonomous organisation (DAO) that allows Bitcoin to be used as collateral in DeFi applications. Simply put, users can use Bitcoin to secure loans. DAO is an organisation that is designed to be automated and decentralised, which uses blockchain-based smart contracts to automated decision making and rules. BadgerDAO is built on the Ethereum platform and provides vaults where users can store their Bitcoin to earn yields based on market conditions. <cmsannotation type="cmsannotation" annotationid="DeFi hacks on the rise" comment="subhead" text="DeFi hacks on the rise">DeFi hacks on the rise</cmsannotation> BadgerDAO’s hack is not the first <keyword id="12101501" type="General" weightage="20" keywordseo="defi-hack" source="Orion">DeFi hack</keyword> of the year. The $120.3 million just adds to the already massive tally for the year. In August, virtual private network (VPN) platform AtlasVPN <a href="https://atlasvpn.com/blog/defi-related-hacks-account-for-76-of-all-major-hacks-in-2021">reported</a> that DeFi hacks accounted for 76% of all hacks between January and July 2021. The platform had recorded $129 million stolen in DeFi hacks during 2020, but noted that the number had more than doubled by Jule this year, to touch $361 million. Further, data from digital assets research firm The Block’s <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-defi-protocols-lost-1-4-billion-this-year-but-recovered-over-half-of-it/articleshow/87505660.cms">data dashboard</a> showed that DeFi protocols had lost $1.4 billion through exploits by November 3 this year. The good news, however, was that over half of the stolen money had also been recovered by the DAOs. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/alibaba-tencent-and-other-chinese-players-are-betting-big-on-the-metaverse-but-the-government-is-yet-to-buy-into-the-hype/articleshow/88062372.cms">Alibaba, Tencent, and other Chinese players are betting big on the metaverse — but the government is yet to buy into the hype</a> <a href="https://www.businessinsider.in/investment/news/crypto-romance-love-in-the-times-of-blockchain/slidelist/88050488.cms">Crypto romance — Love in the times of blockchain</a> <a href="https://www.businessinsider.in/investment/news/solana-cardano-polkadot-and-others-heres-a-quick-look-at-why-these-crypto-tokens-are-being-touted-as-ethereum-killers/articleshow/88045517.cms">Solana, Cardano, Polkadot and others — here’s a quick look at why these crypto tokens are being touted as ‘Ethereum Killers’</a>

Hackers steal $120 million from DeFi protocol BadgerDAO — platform hits indefinite pause on all smart contract activity

Hackers have stolen nearly $180 million in cryptocurrency from <keyword id="13647448" type="General" weightage="50" keywordseo="beanstalk-farms" source="Orion">Beanstalk Farms</keyword>, a decentralised finance (De-Fi) project. <keyword id="791782" type="General" weightage="80" keywordseo="beanstalk" source="Orion">Beanstalk</keyword> operates a system where participants earn rewards by contributing funds to a central funding pool that is used to balance the value of one token at close to $1, reports The Verge. "Beanstalk suffered an exploit. The Beanstalk Farms team is investigating the attack and will make an announcement to the community as soon as possible," the company admitted in a tweet. The hackers exploited Beanstalk's majority vote governance system, a core feature of many DeFi protocols. The attack was first spotted by blockchain analytics company PeckShield. The Beanstalk attacker "used a flash loan obtained through the decentralised protocol Aave to borrow close to $1 billion in cryptocurrency assets and exchanged these for enough beans to gain a 67 per cent voting stake in the project". The attacker then instantly repaid the flash loan, netting an $80 million profit, the report said. In January this year, hackers stole <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> tokens worth $120 million from Blockchain-based decentralised finance (DeFi) platform BadgerDAO. Several crypto wallets were drained before the platform could stop the cyber attack. In December last year, cyber criminals stole cryptocurrency worth $80 million from <keyword id="13064561" type="General" weightage="50" keywordseo="qubit-finance" source="Orion">Qubit Finance</keyword>, a decentralised finance (DeFi) platform. The US this week blamed North Korean hacker group Lazarus for stealing $625 million in cryptocurrency from the Ronin Network, owned by developer group Sky Mavis. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/all-you-need-to-know-about-crypto-staking-and-why-people-are-jumping-on-this-bandwagon/articleshow/90914740.cms">All you need to know about crypto staking and why people are jumping on this bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-and-gold-prices-will-go-higher-if-the-fed-is-forced-to-raise-its-inflation-target-to-3-says-mohamed-el-erian/articleshow/90921159.cms">Crypto and gold prices will go higher if the Fed is forced to raise its inflation target to 3%, says Mohamed El-Erian</a>

Hackers steal crypto worth $180 million from Beanstalk Farms, a decentralized finance project

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Hackers steal $120 million from DeFi protocol BadgerDAO — platform hits indefinite pause on all smart contract activity

BI India Bureau

Hackers steal crypto worth $180 million from Beanstalk Farms, a decentralized finance project

IANS

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