The post Another Crypto Hack in 24 hours : MonoSwap’s Liquidity Got Drained appeared first on Coinpedia Fintech News
This bull season is slowly converting into a hack season. The community has seen a number of hacks including WazirX, Rho Markets, Fractal, and dYdX. A new one got added to this list just after a day of dYdX hack, when a yield farming protocol, MonoSwap, got hacked on July 24th.
Error of a MonoSwap Dev
MonoSwap, from their official Twitter handle, shared the full information about this hack. According to the news, a MonoSwap developer installed an application to join a call with a scammer who pretended to be a VC. This was a phishing application. This application was installed on the office PC which has full access to MonoSwap-related wallets and smart contracts. The hacker used the phishing application to install a botnet on the main PC and got complete access to the system. They then drained most of the staked liquidity, which damaged the protocol. In their tweet, MonoSwap asked the users to withdraw their funds. They requested the users not to add liquidity or stake in their farming pools. They are investigating the hack and will provide updates.
They have also shared the link to the scammer’s phishing app. This is done to inform the community about this phishing app. They have warned the readers not to click this link if they see it anywhere online. There are speculations on the internet that this hack is also related to the notorious Lazarus group. There are no proofs confirming this, yet.
What to Expect?
MonoSwap has promised to provide updates if they find any information. However, there is a question that arises with every hack: how safe are crypto platforms? Why do devs and engineers use the main systems for communications? Well, crypto is ever-evolving, and throughout its history, we have seen thousands of hacks in which investors lost millions of dollars. In some cases, some or complete funds were recovered while some were lost forever. Let’s wait and see what new updates come out for the MonoSwap hack.