MonoX Finance Drained of $31M in Latest DeFi Hack

Key Takeaways

  • A hacker has exploited MonoX Finance’s good contracts, draining $31 million value of belongings.
  • The MonoX group try to contact the hacker to ask for the funds to be returned.
  • Regardless of receiving two unbiased audits, the vulnerabilities in MonoX’s good contracts weren’t discovered.

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A hacker has exploited the only token liquidity platform MonoX Finance, draining $31 million value of tokens throughout Ethereum and Polygon. 

MonoX Finance Hacked

A hacker has worn out one other DeFi protocol.

MonoX Finance, a DeFi protocol permitting customers to offer liquidity with single belongings on Ethereum and Polygon, seems to have been exploited. Customers observed that each one staking swimming pools throughout Ethereum and Polygon had been drained Tuesday morning, with over $31 million value of tokens taken. 

Igor Igamberdiev was the primary to offer a breakdown of the hack on Twitter. Of the funds misplaced, $18.2 million value was in Wrapped Ethereum, with an additional $10.5 million value of MATIC tokens additionally stolen. Smaller quantities of a number of different tokens had been additionally misplaced, together with Wrapped Bitcoin, Chainlink, Unit Protocol, Aavegotchi, and Immutable X. 

On Telegram, MonoX Finance Founder and CEO Ruyi Ren confirmed that the protocol had been hacked and advised customers that the MonoX group is making an attempt to contact the hacker to “pay him/her a legit amount of cash to get the funds again.”

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In keeping with BlockSec, the hacker managed to trick MonoX’s good contracts into pumping up the value of the protocol’s MONO token. As soon as the value of MONO had elevated sufficient, the hacker used the token to swap out all different belongings in MonoX’s liquidity swimming pools.

The MonoX group have additionally launched a statement confirming how the exploit passed off, stating:

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“A technique within the swap contract was exploited and boosted MONO token value to sky excessive. The attacker then used MONO token to buy all the opposite belongings within the pool.”

MonoX had beforehand been audited by two good contract auditors—Peckshield and Halborn. Nonetheless, neither audit was capable of determine the exploit that the hacker used to empty the protocol’s good contracts. 

MonoX joins a protracted listing of DeFi protocols to fall sufferer to hackers this yr. In October, DeFi protocol Listed Finance suffered a $16 million exploit when a hacker managed to trick the protocol’s good contract into miscalculating the worth of deposited belongings. Like MonoX, Listed Finance had additionally obtained two separate audits that might not discover the vulnerabilities within the protocol’s good contracts. 

The crypto analytics agency Elliptic estimates $12 billion has been misplaced this yr to DeFi exploits, with $5.5 billion the results of code exploits like within the case of MonoX Finance.

Disclosure: On the time of scripting this function, the writer owned BTC, ETH, and a number of other different cryptocurrencies. 

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