Today cryptocurrencies are in the headlines of every news channel and newspaper. Many people are dealing with cryptocurrencies across the world. Every day we hear about the launch of new crypto tokens in the market.
But the cryptocurrency market is also full of scams and frauds with individuals and exchanges. Crypto exchanges guarantee the safety of their users assets, but sometimes they get failed to do so.
On Wednesday fresh news of the theft of cryptocurrencies from an exchange came into the crypto market. According to reports, more than $120 million ($899 Crore) worth of Cryptocurrencies is stolen from a decentralized finance platform BadgerDAO.
BadgerDAO team is now investigating the whole matter with blockchain and analytics firm PeckShield. BadgerDAO officials have confirmed that the issue came after someone has inserted a malicious code on their website.
After the insertion of the code, the hacker transferred the interacting users crypto assets to his wallet address. BadgerDAO is a decentralized platform and the good thing is everyone can see what happened after inserting the code by the attacker.
The investigating team of Peckshield said the attacker stole 896 Bitcoins in a single which is more than $50 million. This malicious script first appeared on 10th November and according to PeckSheild, the attacker used the script randomly to avoid detection.
After the detection of the malicious script, the BadgerDAO team has stopped all smart contracts and advised users to decline all transaction request coming from the attacker’s address.
BadgerDAO said, “Badger has retained data forensics experts Chainalysis to explore the full scale of the incident & authorities in both the US & Canada have been informed & Badger is cooperating fully with external investigations as well as proceeding with its own”.
But it is still unconfirmed about the recovery of funds of users or any compensation to users for their loss from this issue. These types of scams can affect negatively and raise questions on security issues.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.
