Arbitrum Suffers New Security Breach; Hacker Attack Costs Hedgey Finance $1.9 Million
The recent exploitation on the ARB chain and the hack on the Hedgey Finance token claim contract have once again caused the crypto market to suffer. This unfortunate event resulted in a significant financial loss for the protocol.
An attack on the ARB platform was flagged by the web3 security firm, cyvers. They discovered that the attack was orchestrated by a suspicious address – 0xc7241e27ee4b8d32b59a10e848b48530047a8c5b. As a result, a staggering $42.8 million worth of tokens were withdrawn.
Despite the targeted victims’ repeated appeals for assistance, their pleas have gone unanswered, leaving the situation unresolved. The attacker has already made substantial deposits, including 200,000 $BONUS tokens and $110,000 to Bybit_Official. This indicates that the attack involved multiple cryptocurrency networks and different types of exchanges.
Previously, Hedgey Finance also experienced a loss of nearly $1.9 million. The attacker, whose source of financing has been linked to ChangeNOW_io, quickly converted the stolen funds to DAI and transferred them to an externally owned account.
Following the breach, the Hedgey Finance team responded promptly by issuing an urgent alert. They instructed their users to revoke all permissions related to the case and provided guidance on how to enhance the security of their accounts to prevent future losses.
The Hedgey Finance platform has also implemented specific procedures for canceling initiatives, urging all market participants to take immediate action to avoid further losses.
Currently, the affected platform is working with cybersecurity experts and auditors to determine the nature of the hack and develop strategies to mitigate it. They are committed to maintaining open communication with their users and prioritize consensus-building and asset protection.
These incidents highlight the fact that the DeFi industry is still vulnerable to online threats. It is crucial to invest continuous effort in combating these complex threats in the digital crypto arena.
Tags: Hack