According to one estimate, the breach may have compromised between 9,000 and 10,000 USDC accounts on DAO Maker.
The number of Defi protocols that have been hacked continues to rise as another protocol has been compromised. Dao Maker, a crowdfunding platform, was hacked, with hackers stealing USDC from users’ top-up accounts and replacing them with ETH. According to a report from WuBlockchain, a total of 2,261 Eth valued more than $7 million was utilized to withdraw USDC.
The rationale for transferring ETH for USDC is considered to be related to asset freezing, as Circle can freeze USDC from a designated account. Tether just froze approximately $35 million in USDT from the PolyNetwork attack, the largest defi hack in history.
DAO Maker users began to report the disappearance of their pre-funding deposits, which had been taken by hackers. The affected platform has not yet issued an official statement.
The Defi Ecosystem’s Security is Scannable.
Defi has developed into a well-known cryptocurrency use case, to the point where mainstream investors and institutional giants like JP Morgan and Goldman Sachs have expressed interest. However, as evidenced by a succession of attacks in only two days, security flaws have been a significant negative in the ecosystem.
Yesterday, First PolyNetwork was the victim of the largest defi breach in crypto history, culminating in the theft of $610 million in funds. The attacker later agreed to restore the funds and has already returned more than $250 million. Today’s hack of roughly $7 million in USDC adds another day to the expanding list of Defi attacks.
There has not been a single month when a Defi network has not been penetrated; the majority of the time, the security problems appear to be internal, as hackers have altered code to exploit loopholes in these protocols and steal millions.
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