Ethereum

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April

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ERC20

On-chain token infrastructure provider Hedgey Finance suffered two exploits as attackers leveraged a bug in its token claims contract.&nbsp; 
According to alerts from security startup <a href="https://twitter.com/CyversAlerts/status/1781271050073841735" target="_blank" rel="">Cyvers</a>, Hedgey Finance was hacked on April 19 across the Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>) and Arbitrutm (<a href="https://crypto.news/price/arbitrum/" target="_blank" rel="">ARB</a>) blockchains. Cyvers reported that the first attack was deployed on ETH’s chain, and hackers stole around $1.9 million in crypto. 
On-chain analytics showed that the attacker’s address was funded from web3 crypto exchange ChangeNOW, while stolen funds were swapped into Maker’s stablecoin <a href="https://crypto.news/price/dai/" target="_blank" rel="">DAI</a> after the exploit.&nbsp; 
Hedgey Finance issued a notice confirming the incident and said an investigation was ongoing. Users were advised to revoke token claim permission until further notice.&nbsp; 
<blockquote class="wp-block-quote"> 
 “We are actively working with our auditors and team to understand the attack and stop any ongoing attacks. We will share more information as we learn more.” <cite><a href="https://twitter.com/hedgeyfinance/status/1781257581488418862" target="_blank" rel="">Hedgey Finance</a> team</cite>
</blockquote> 
The protocol allows anyone to create an options market for digital assets, enabling users to buy and sell calls and puts on cryptocurrencies issued on EVM-compatible chains. No listing requirement exists, and users can immediately engage in peer-to-peer ERC20 options trading.&nbsp; 
<h2 class="wp-block-heading" id="hedgey-finance-hit-on-arb-s-network">Hedgey Finance hit on ARB’s network</h2> 
Shortly after the first alert, Cyvers issued a follow-up notice pointing to a second attack. This time, hackers siphoned $42.8 million and transferred some of the proceeds to Bybit. The attackers leveraged the same Hedgey Finance vulnerability on both Ethereum and Abritrum.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 https://twitter.com/CyversAlerts/status/1781283959403372911 
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Hedgey Finance’s exploit echoes security veterans’ sentiments that protocols must dedicate additional resources and expertise toward safeguarding defi platforms.&nbsp; As crypto continues to capture mainstream attention, on-chain security will likely remain a front-boiler topic for industry stalwarts and newcomers. However, statistics show that hacks may be declining.&nbsp; 
Last month, Peckshield <a href="https://crypto.news/crypto-losses-due-to-hacks-decreased-nearly-50-in-march-peckshield-says/" rel="">noted</a> that crypto exploits decreased by 50%, resulting in smaller investor losses. White hat experts have also provided a help desk to report hacks in real-time and distribute information exploit strategies.&nbsp; 
 Read more: <a href="https://crypto.news/defi-white-hats-seal-911-unveil-info-sharing-tool/" rel=""> Defi white hats SEAL 911 unveil info-sharing tool </a>

Hedgey Finance hacked for $44.7m on Arbitrum, Ethereum

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