DEX MonoSwap has suffered liquidity losses due to a phishing attack on a developer.

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DeFi protocol MonoSwap has suffered a major security breach. Most of the reserved liquidity slots have been taken over by hackers, causing significant damage to the protocol.

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Monoswap, a decentralized exchange (DEX) running on the Explosive framework, has been hit by a phishing attack, causing significant financial losses, the project said in a recent statement. Users are advised to immediately remove all holdings to prevent further losses, and avoid increasing liquidity or pooling in farm pools.

According to Monoswap, the breach came from a phishing attack targeting one of its developers. A malicious actor, posing as a venture capitalist, convinces the developer to install a phishing app.

Once installed, the app allowed hackers to take control of the platform's financial operations. They continued to drain large amounts of liquid from the Monoswap farm ponds. The exact amount of money stolen has not been publicly disclosed.

Monoswap is currently investigating the attack and will provide updates in the next steps.

This is a developing story. We will provide updates on the matter as we learn more.

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