Another crypto hack in 24 hours: Monoswap’s liquidity has dried up
This bull season is slowly turning into hacking season. The community has seen several hackers including WazirX, Rho Markets, Fractal and dYdX. Newly added to this list since the day of the DIDX hack, the profit farming protocol, MonoSwap, was hacked on July 24th.
MonoSwap Dev error
MonoSwap, from their official Twitter handle, shared the full information about this hack. According to the news, a Monoswap developer installed an app to join the call with a scammer posing as a VC. This was a phishing app. This app is installed on an office PC with full access to Monoswap-related wallets and smart contracts. The hacker used the phishing application to install a botnet on the host PC and gain full access to the system. They then drained most of the accumulated fluid that had compromised the protocol. Monoswap has asked its users to withdraw their funds on their Twitter page. Users are asked not to add liquidity or equity to their farm pools. They are investigating the hack and will provide updates.
They also shared the link of the fraudulent phishing app. This is done to inform the community about this phishing app. Readers are cautioned not to click on this link if they see it anywhere online. There are speculations on the internet that this hack is related to the famous Lazar group. So far there is no evidence to support this.
What is expected?
Monoswap promises to provide updates if they find any information. However, with every hack there is a question: How safe are crypto platforms? Why do devs and engineers use core systems for communications? Well, crypto is growing from time to time, in its history we have seen thousands of hacks where investors have lost millions of dollars. In some cases, some or all of the funds are recovered and some are lost forever. Let's wait and see what new updates will come out for Monoswap hack.
