Connect with us

Hi, what are you looking for?

Economy

Hedgey Finance Suffers Dual Exploits, Losing $44.7 Million in Funds

Hedgey Finance suffered a devastating blow on April 19 when two simultaneous exploits drained $44.7 million from the token infrastructure platform.

During the two-hour attack, the hacker utilized the ‘createLockedCampaign’ function with flash-loaned funds across multiple blockchains.

Hedgey Finance Hacked: $1.9 Million Stolen on Ethereum, $42.8 Million on Arbitrum


Cyvers reported that Hedgey Finance suffered two exploits, one on the Ethereum (ETH) blockchain and another on the Arbitrum (ARB) network. The ETH attack resulted in a loss of $1.9 million, while the Arbitrum exploit led to a theft of $42.8 million in ARB tokens.

UPDATE@hedgeyfinance has experienced security breach with their Hedgey Token Claim Contract!

Total loss is around $1.9M. Attacker is funded by @ChangeNOW_io.

All stolen funds are swapped to $DAI and transferred to an EOA at https://t.co/MT78LFSQ7G

We urge all users to… https://t.co/hwuBjTiebp

— Cyvers Alerts (@CyversAlerts) April 19, 2024

 

On-chain analytics showed that the attacker’s address was funded from web3 crypto exchange ChangeNOW, while the attacker swiftly deposited a portion of the stolen funds onto the Bybit cryptocurrency exchange.

All stolen funds have been converted to $DAI and transferred to an External Owned Account (EOA)

Security Alert: We’re investigating an attack on the Hedgey Token Claim Contract. If you have created active claims, please cancel them using the “End Token Claim” button at https://t.co/Tt7Aq0n2dh.

We are are actively working with our auditors and team to understand the attack…

— Hedgey (@hedgeyfinance) April 19, 2024

In response to the exploits, Hedgy Finance promptly confirmed the incidents and initiated a thorough investigation into the attack on their Token Claim Contract. They advised users with active claims to utilize the “End Token Claim” feature on their platform to mitigate further risks.

Hedgy Finance is collaborating with internal and external security experts to investigate the vulnerabilities exploited during the attacks and will provide further updates as new information becomes available.

Crypto Hacks Decrease by Nearly 50% in March: PeckShield Report


Crypto investors enjoyed a reprieve in March as losses from hacks plummeted by nearly 50% compared to February, according to a PeckShield report.

#PeckShieldAlert March 2024 witnessed 30+ hacks in the crypto space, resulting in ~$187.29 million in losses, with ~$98.8 million recovered.
This marks a decrease of ~48% from February 2024.#Top5 hacks:#Munchables (#Juice affected): $97 million (recovered)#CurioNetwork: $40… pic.twitter.com/u3zejt9Ygn

— PeckShieldAlert (@PeckShieldAlert) April 1, 2024

While the month still saw over 30 hacking incidents, resulting in $187.29 million in losses, this marked a notable improvement from February’s $360 million. PeckShield also highlighted the recovery of $98.8 million in stolen funds.

Despite the positive trend, March’s losses still exceeded January’s, which saw $182.5 million disappear due to hacks. Looking at the broader picture, the first quarter of 2024 experienced a 17.5% reduction in losses compared to the same period in 2023.

Data from Immunefi further revealed that hacking remains the primary method of crypto theft, accounting for 95.6% of total losses, with fraud constituting a mere 4.4%.

The post Hedgey Finance Suffers Dual Exploits, Losing $44.7 Million in Funds appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Pavel Durov, the founder of Telegram, has received a generous donation from over half a million players of the viral Telegram-based clicker game called...

Economy

The crypto industry has made a record $94 million in political donations since 2023 in an effort to support pro-crypto governance. According to a...

Economy

As the Floki (FLOKI) bulls eye a quick 50% rally from current levels around $0.00021 to yearly highs above $0.00031 after a key technical...

Economy

Bank of America (BAC) upgraded its rating on Coinbase (COIN) shares from underperform to neutral on Friday and raised its price target for Coinbase to...

Economy

In a major move, Turkey drafted a crypto bill, tabled by the ruling party (AK Party) Group Chairperson Abdullah Güler on May 16, to...

Economy

Hong Kong became the first region outside mainland China to allow users to open digital wallets and hold China’s CBDC e-CNY, otherwise known as...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.