Ethereum

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Cybersecurity firm Cyvers has <a href="https://x.com/CyversAlerts/status/1781271050073841735]" target="_blank" data-wpel-link="external" rel="noopener noreferrer nofollow">revealed</a> a significant breach in the decentralized finance (DeFi) platform Hedgey Finance, resulting in a loss of millions of dollars across the Ethereum (ETH) and Arbitrum (ARB) blockchains. The attack, believed to be funded by ChangeNOW_io, hit Hedgey’s Token Claim Contract, causing about $1.9 million in losses converted to the stablecoin Dai (DAI).
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 🚨UPDATE🚨<a href="https://twitter.com/hedgeyfinance?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">@hedgeyfinance</a> has experienced security breach with their Hedgey Token Claim Contract! Total loss is around $1.9M. Attacker is funded by <a href="https://twitter.com/ChangeNOW_io?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">@ChangeNOW_io</a>. All stolen funds are swapped to <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">$DAI</a> and transferred to an EOA at <a href="https://t.co/MT78LFSQ7G" target="_blank" data-wpel-link="external" rel="noopener noreferrer nofollow">https://t.co/MT78LFSQ7G</a> We urge all users to… <a href="https://t.co/hwuBjTiebp" target="_blank" data-wpel-link="external" rel="noopener noreferrer nofollow">https://t.co/hwuBjTiebp</a>— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1781271050073841735?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">April 19, 2024</a>
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Hedgey Finance promptly <a href="https://x.com/hedgeyfinance/status/1781257581488418862" target="_blank" data-wpel-link="external" rel="noopener noreferrer nofollow">issued </a>a security alert urging users to cancel active claims associated with the compromised contract. The contract facilitates the creation of token claims with enhanced control over unlocking mechanisms. The platform is actively collaborating with auditors and its team to investigate the breach and mitigate further damage. As investigations continue, Hedgey Finance pledges to provide updates on the situation.
On-chain analyst Colin Wu <a href="https://x.com/WuBlockchain/status/1781288665140101302" target="_blank" data-wpel-link="external" rel="noopener noreferrer nofollow">highlighted</a> a more substantial loss, citing a since-deleted post from Cyvers, indicating a staggering total loss of over $44 million. According to Wu, the attack impacted Hedgey across both the Arbitrum and Ethereum networks, with losses of approximately $42.8 million and $1.9 million, respectively. Hedgey Finance’s official Twitter account <a href="https://x.com/hedgeyfinance/status/1781257581488418862" target="_blank" data-wpel-link="external" rel="noopener noreferrer nofollow">confirmed</a> the security breach and assured users of ongoing efforts to address the issue.
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Hedgey Finance Hit by $44M DeFi Cyberattack

The Crypto Times

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