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Over $30M worth of crypto stolen from MonoX DeFi protocol

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on Dec 1, 2021
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  • MonoX has suffered the latest DeFi hack.
  • Over $31M worth of WETH, MATIC and other cryptocurrencies were stolen.
  • MonoX has confirmed the hack and states that it wishes to speak to the hacker.

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The decentralized finance (DeFi) sector has recorded another hack. The hack has taken place on MonoX, a DeFi liquidity provider project that offers single token pools. Early data shows that the hackers made away with over $30M worth of different cryptocurrencies.

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This is the latest attack on a series of hacks on DeFi platforms that have happened this year. Over $500M has been stolen from DeFi platforms during the last half of 2021.

MonoX suffers DeFi hack

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MonoX took to Twitter to confirm the recent breach on its systems. The protocol stated that the hack was conducted using a “method in the swap contract was exploited and boosted MONO token price to sky-high.” 

In the explanation, MonoX stated that the price of MONO tokens was artificially configured to a higher value, which allowed the attacker to use the token to buy other cryptocurrencies in the pool at lower prices.

The funds stolen from the protocol include $18.2M worth of Wrapped Ethereum (WETH/USD) and $10.5M worth of Polygon (MATIC/USD). Other tokens stolen during this hack include DUCK, IMX, GHST, LINK, MIM and WBTC.

In the statement, MonoX stated that

First, we want to extend immediate, sincerest apologies toward the incident, and we assure you our entire team and partners are all working on this right now. Security of users’ fund is of utmost importance to us, and we have had multiple security audits and a security advisor firm that work with us on an ongoing basis. However, unfortunately, we were still exploited.

MonoX has not issued any details on the attack, but it has stated it is willing to speak with the threat actor to resolve the matter.

DeFi hacks on the rise

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DeFi hacks have been on the rise in recent months. Some of the latest hacks on DeFi networks include pNetwork, where $12 million was stolen. The other case is on SushiSwap, where $3 million was stolen.

The largest DeFi hack happened this year on the Poly network, where a hacker made away with $600 million. While the hacker returned most of this money, it remained the greatest DeFi hack in history.

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