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Dego Finance has been hacked - over $10 million is at stake!

 


The DeFi project Dego Finance has been hacked. It's reportedly worth over $10 million.



New DeFi hack

Once again, a DeFi project has been hacked. This time it was Dego Finance, a cross-chain defi and NFT tool.


On February 10th, Dego Finance was hacked. Shortly thereafter, the company partnered with Binance, Kucoin, and Gate.io to stop accepting transfers of native governance and equity token DEGO. The protocol also prompted Uniswap, Poloniex, PancakeSwap, WazirX, etc. to do the same.


Dego Finance's official Twitter account writes that its own address, which provides liquidity to decentralized exchanges such as Uniswap and PancakeSwap, has been compromised.


The DeFi platform urged the hackers to get in touch with them:


“We will keep all stakeholders informed of the latest developments and will be in discussion with reputable security teams on how to identify the hacker and fix the leak. We would ask the hacker to come forward and communicate.”


According to the analysis company Peckshield, the hackers stole more than 10 million USD from Dego Finance anyway from the GameFi Incubator Cocos-BCX. The company's data shows that funds were withdrawn from 13 addresses owned by Binance Smart Chain, Ethereum and Cronos.


As soon as the hack became known, the token plunged almost 20% from USD 4.50 to USD 3.65.


In recent years, hacks have wreaked more and more havoc on the DeFi industry. 2021 has been a monumental year for DeFi, as well as a year in which more bad actors have gradually emerged. Rug pulls accounted for 37% of all scam revenue last year, as opposed to just 1% in 2020. Little has changed this year either, as such events continue to grab the headlines.



Recently, Peckshield reported that more than 50 potentially dubious projects have been discovered on Binance Smart Chain.

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