Cybercriminals stole $31 million worth of cryptocurrency by hacking MonoX multi-chain decentralized exchange. The attack was first identified on December 1st.
MonoX Finance is a decentralized finance (DeFi) platform that focuses on the development of infrastructure and products in order to simplify the general use of Bitcoin, on Ethereum along with many others blockchains.
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The company explains, “Project owners can list their tokens without the burden of capital requirements and focus on using funds to build the project instead of providing liquidity.”
Among the lost funds are $18.2 million in Ethereum and $10.5 million in Matic. There are also smaller amounts of several other tokens, including Bitcoin, Chainlink, Unit Protocol, Aavegotchi and Immutable X. It should be noted that Bitcoin is currently trading at $47,564 (roughly Rs 35 lakh) per coin, Ethereum's present value is $3,974 (roughly Rs 2.90 lakh) per token.
The MonoX team confirmed the theft on Twitter. The team tweeted: “Days like yesterday are horrible, there is no sugar covering the harsh reality of a contract being exploited and people losing money. Our supporters put their faith in a new project like ours, and yesterday we let them down”.
This is not the first time cybercriminals have attacked DeFi platforms.
Earlier this week, hackers stole $120.3 million worth of cryptocurrency by breaking into the Badger DAO decentralized finance (DeFi) protocol. The attack was identified on November 1st.
The hack, first discovered by blockchain security firm PeckShield, tracked lost funds. According to the security firm, the company lost at least 2,100 Bitcoin and 151 Ethereum.
In August, hackers carried out the largest ever cryptocurrency heist, stealing $613 million worth of coins. token exchange platform Poly Network, just to return $260 million in tokens less than 24 hours after.
