HeJ Protocol loses $44.7M in double cyberattacks.

Heje Protocol suffered a loss of $44.7 million due to double cyberattacks. The protocol was aimed at Arbitrum and Ethereum chains. Hedgey advises users to cancel active claims, revoking approvals during an ongoing investigation.

Hedgey Protocol, a decentralized finance (DeFi) platform, finds itself under cyber siege after a devastating attack that caused a staggering $44.7 million in losses in the Arbitrum and Ethereum blockchains.

Cyber ​​Alerts, a cybersecurity watchdog, exposed the vulnerabilities used in the attack, raising urgent concerns about the state of security in the DeFi ecosystem.

Hedge Protocol has been hacked on Arbitrum and Ethereum chains

Syvers Alerts that the attack targeted the Hedgie protocol on the Arbitrum and Ethereum chains, with $42.8 million and $1.9 million stolen, respectively.

According to Cyners Alerts, the attackers quickly converted the stolen funds into DAI, complicating recovery efforts. Additionally, additional transactions on the arbitrage chain indicate potential vulnerabilities in the ecosystem, requiring immediate action.

In response to their response, Goji Protocol admitted the attack. They have launched a comprehensive investigation into the attack, working closely with security experts and auditors to understand the cause of the attack.

As the investigation continues, Hege Protocol has issued urgent advice to its users, urging them to cancel active claims and cancel all approvals to reduce the risk of further exploitation. While the investigation is ongoing, they suggested reviewing expedited approvals to ensure consumer safety and prevent financial loss. Users are also warned to be on the lookout for scammers trying to take advantage of the situation, stressing the importance of careful online behaviour.

Security Alert: We are investigating an attack on the Hdgey Token claim contract. If you have created active claims, please delete them using the “End Token Claim” button

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

— Hedgey 🦔 (@hedgeyfinance) April 19, 2024

The Hedge Protocol cyber attack underscores the importance of security protocols for the growing interconnectedness of DeFi platforms and decentralized finance.

As stakeholders work together to address vulnerabilities and enhance security measures, the event serves as a stark reminder of the challenges facing cyber threats in the digital asset space.