Security News > 2021 > December > BadgerDAO DeFi defunded as hackers apparently nab millions in crypto tokens

BadgerDAO, maker of a decentralized finance protocol, said on Wednesday that it is investigating reports that millions in user funds have been stolen.

The DAO in BadgerDAO stands for Decentralized Autonomous Organization, which means the company is "Run by our users - not VCs, whales, or institutions".

The Register attempted to contact the firm and one of its software developers but, like many DeFi companies, BadgerDAO doesn't list a central headquarters or a phone number, nor maintain common communication channels like email.

Therein, BadgerDAO personnel have attributed the incident to a malicious script injected into their app's web-based interface.

"The attacker then used the highly priced MONO to purchase all the other assets in our pool and drained the funds," the company admitted, noting that the attack "Was completed through a script, and was highly organized".

Coincidentally, on Wednesday, finance biz Square, keen to ride the crypto finance wave, changed its name to Block while its Bitcoin subsidiary Square Crypto rebranded itself Spiral.

News URL

https://go.theregister.com/feed/www.theregister.com/2021/12/02/badgerdao_coin_theft/