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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

<ul><li>The <keyword id="12680837" type="General" weightage="20" keywordseo="national-blockchain-strategy" source="Orion">National Blockchain Strategy</keyword> comes from India’s Electronics Ministry even as the <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> is formulating a plan to regulate cryptocurrencies.</li><li>Blockchain is the underlying technology of cryptocurrencies.</li><li>The government says that blockchains can be used in 44 key areas.</li></ul>Last week, on December 3, the Indian government published a National Blockchain Strategy (<a href="https://www.meity.gov.in/content/draft-national-strategy-blockchain">NSB</a>) with recommendations for policy making and implementation of blockchain technology in the country. The 52-page document comes at a time when the country’s Finance Ministry is formulating a <a href="https://www.businessinsider.in/cryptocurrency/news/no-crypto-ban-in-india-sebi-will-reportedly-be-pulled-in-to-regulate-the-sector/articleshow/88065166.cms">bill</a> that will regulate the trading of cryptocurrencies in the country. The NSB, however, lays the framework for companies that are developing apps, services and more based on blockchain technology — the underlying platform running <a href="https://coindcx.com/">cryptocurrencies</a>. Here are four key points that highlight the approach India wants to take towards blockchain technology: <cmsannotation type="cmsannotation" annotationid="The Indian government wants to apply blockchain technology to 44 key areas" comment="subhead" text="The Indian government wants to apply blockchain technology to 44 key areas">The Indian government wants to apply blockchain technology to 44 key areas</cmsannotation> The Ministry of Electronics and Information Technology (MeitY) has identified 44 key areas where blockchains can be employed. These sectors include pharmaceutical supply chain, e-Notary services, blockchain enabled e-sign solutions, farm insurance, identity management, e-voting, maintaining land records, document validation and more. The document also notes some government-led applications of blockchain are already underway. In June, publicly listed company Gujarat Narmada Valley Fertilizers &amp; Chemicals Limited (GNFC) had partnered with the country’s planning commission — NITI Aayog — to build a proof-of-concept (PoC) for applying blockchain technology for fertiliser subsidy management. Other government bodies, like the Center for Development of Advanced Computing (C-DAC), National e-Governance Division (NeGD) and more are also working on blockchain-based applications. <cmsannotation type="cmsannotation" annotationid="India wants to set up a ‘National Blockchain Framework’" comment="subhead" text="India wants to set up a ‘National Blockchain Framework’">India wants to set up a ‘<keyword id="12676276" type="General" weightage="20" keywordseo="national-blockchain-framework" source="Orion">National Blockchain Framework</keyword>’</cmsannotation> The document also proposes the formation of a National Blockchain Framework, which will be used to speed up application of the technology in the country. The NSB says that a “geographically distributed national-level shared infrastructure" would be required in order to enable large scale adoption of blockchains, which is the purpose that the framework will serve. The framework will help in the creation of reference implementations of platforms and integration with existing infrastructure and services. “This National Blockchain Framework (NBF) with core research components would be developed with intermediate milestones consisting of a basic framework for reference implementation, integration with various existing infrastructure and services, reference implementations of real-life projects and sandbox environments for development and testing of applications,” the document stated <cmsannotation type="cmsannotation" annotationid="A 'multi-institutional' approach with industry-academic-government collaboration" comment="subhead" text="A 'multi-institutional' approach with industry-academic-government collaboration">A 'multi-institutional' approach with industry-academic-government collaboration </cmsannotation>India’s NSB also calls for collaboration between the industry, academic institutions and government in order to create the National Blockchain Framework and other applications. It says that creation of the framework will require a “multi-institutional collaborative approach” between all of these parties. <cmsannotation type="cmsannotation" annotationid="Interoperability with other countries" comment="subhead" text="Interoperability with other countries">Interoperability with other countries</cmsannotation> A notable point in the document is that India is taking into account blockchain implementation strategies already in place in other countries, including China. It also includes countries like the United States (US), United Arab Emirates (UAE), Brazil, Chile, Canada and more. Taking other countries’ blockchain platforms is important since such platforms are known for interoperability, and experts have often said that governments must work together to ensure future payments platforms, healthcare records etc. are interoperable. <cmsannotation type="cmsannotation" annotationid="What’s missing?" comment="subhead" text="What’s missing?">What’s missing?</cmsannotation> While the MeitY says that it will collaborate with other ministries in order to oversee the implementation of this strategy, the National Blockchain Strategy doesn’t really set timelines for specific platforms or discuss them. It is meant to be a guideline for the industry and other ministries though, but may have instilled more confidence in investors and companies if it was clearer on such points. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/hackers-steal-120-million-from-defi-protocol-badgerdao-platform-hits-indefinite-pause-on-all-smart-contract-activity/articleshow/88068762.cms">Hackers steal $120 million from DeFi protocol BadgerDAO — platform hits indefinite pause on all smart contract activity</a> <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>

44 key areas, a national framework, and a multi-institutional approach — Here's what you need to know about India's new National Blockchain Strategy

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

BI India Bureau

44 key areas, a national framework, and a multi-institutional approach — Here's what you need to know about India's new National Blockchain Strategy

BI India Bureau

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