DeFi platform Hedgey Finance was hit with a 44 million dollar exploit
Hedgey Finance, a token infrastructure platform, has experienced two similar exploits with a total of $44.7 million in lost funds.
According to an April 19 X post by security firm Syverse, Hedgey has experienced an exploit on the Arbitrum network worth more than $42.8 million worth of Arbitrum (ARB) tokens. The attacker deposited a portion of the funds to the ByBit cryptocurrency exchange.
In the past, Hedge Protocol has hacked a total of $1.9 million worth of crypto on the Ethereum network, according to X Alert by Cyberspace.
Hedging Protocol has confirmed the exploit and says it is actively working with auditors to understand the vulnerability behind the potential attack. In a post on April 19 X said:
We are investigating an attack on the Hdgey Token claim contract. If you have created active claims, please delete them using the “Token Claim” button.
Soon after Hedgey confirmed the exploit, scam accounts impersonating the protocol began posting potentially malicious links under the thread, urging people to get a refund or cancel their smart contract approval, pointing to suspicious links unrelated to Hedgey's protocol.
The exploit took place hours before the highly anticipated Bitcoin halving, which is set to halve the rewards for giving away.
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In Q1 2024, more than $500 million was stolen in crypto hacks
The first quarter of 2024 saw 223 hacks and exploits totaling more than $502 million worth of stolen digital assets, according to a Hack3d report by blockchain security firm CertiK.
This represents a 54% increase compared to the first quarter of 2023, when a total of $326 million was stolen. January was a lucrative month for hackers who stole over $193 million worth of crypto in 78 on-chain incidents.
As in previous quarters, compromised private keys continue to be at the forefront of attacks, with more than $239 million lost in 26 such incidents. According to Certike, hacked private key exploits account for only 11.7% of all security incidents.
On the bright side, more than $77.9 million worth of stolen funds were finally recovered in the first quarter, largely due to the Munchables security incident.
In the year By 2023, $1.8 billion will be lost to crypto hackers and fraudsters, 17% of which can be attributed to the North Korean Lazar group, according to a December 28 report by Immunefi.
Related: Prisma Finance Exploited in $10 Million Breach
