Ethereum

Arbitrum

DeFi

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 <ul>
 <li>Hedgey Protocol suffers $44.7M loss in dual cyber attacks.</li>
 <li>The protocol was targeted on both Arbitrum and Ethereum chains.</li>
 <li>Hedgey advises users to cancel active claims, revoking approvals amid the ongoing investigation.</li>
 </ul>
 Hedgey Protocol, a decentralized finance (DeFi) platform, finds itself in the throes of a <a rel="noopener noreferrer nofollow" title="cyber" href="https://thebittimes.com/tag/cyber.html">cyber</a> siege after suffering a devastating <a rel="noopener noreferrer nofollow" title="attack" href="https://thebittimes.com/tag/attack.html">attack</a> that resulted in a staggering loss of $44.7 million across the Arbitrum and Ethereum blockchains.
 Cyvers Alerts, a leading <a rel="noopener noreferrer nofollow" title="cyber" href="https://thebittimes.com/tag/cyber.html">cyber</a>security watchdog, uncovered the vulnerabilities exploited in the <a rel="noopener noreferrer nofollow" title="attack" href="https://thebittimes.com/tag/attack.html">attack</a>, raising urgent concerns about the security landscape within the DeFi ecosystem.
 <h2 id="hedgey-protocol-hacked-on-arbitrum-and-ethereum-chains">Hedgey Protocol hacked on Arbitrum and Ethereum chains</h2>
 Cyvers Alerts revealed that the <a rel="noopener noreferrer nofollow" title="attack" href="https://thebittimes.com/tag/attack.html">attack</a> targeted Hedgey Protocol on both the Arbitrum and Ethereum chains, with $42.8 million and $1.9 million stolen, respectively.
 According to Cyners Alerts, the attackers swiftly converted the stolen funds into DAI, complicating recovery efforts. Furthermore, additional transactions on the Arbitrum chain signalled potential vulnerabilities within the ecosystem, necessitating prompt action.
 In response, Hedgey Protocol acknowledged the attack and they have said that they have launched a comprehensive investigation into the breach, working closely with security experts and auditors to understand the attack’s root cause.
 As the investigation unfolds, Hedgey Protocol issued urgent advisories to its users, urging them to cancel active claims and revoke all approvals to mitigate the risk of further exploitation. They recommended an immediate review of approvals while the investigation progresses to ensure users’ security and prevent any potential loss of funds. Additionally, users were warned to remain vigilant against scammers attempting to capitalize on the situation, emphasizing the importance of cautious online behaviour.
 https://twitter.com/hedgeyfinaince/status/178130692584364866
 The Hedgey Protocol cyber attack underscores the interconnectedness of DeFi platforms and the imperative for robust security protocols in the evolving landscape of decentralized finance.
 As stakeholders collaborate to address vulnerabilities and enhance security measures, the incident serves as a stark reminder of the ongoing challenges posed by <a rel="noopener noreferrer nofollow" title="cyber" href="https://thebittimes.com/tag/cyber.html">cyber</a> threats in the digital asset space.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/hedgey-protocol-loses-44-7m-in-dual-cyber-attacks-tbt85830.html">https://thebittimes.com/hedgey-protocol-loses-44-7m-in-dual-cyber-attacks-tbt85830.html</a>

Hedgey Protocol loses $44.7M in dual cyber attacks

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