Another DeFi Platform Hacked: “44.7 Million Dollars Lost in Arbitrum and Ethereum!”

While hacking incidents continue to occur in the cryptocurrency industry, the latest hacking incident came from the DeFi protocol Hedgey protocol.

Leading cybersecurity watchdog Cyvers Alerts said in its post that Hedgey suffered a cyberattack that caused a significant loss of $44.7 million in Arbitrum and Ethereum.

Cyvers Alerts stated that the attack targeted the Hedgey Protocol on both Arbitrum and Ethereum chains, and wrote that the attackers quickly converted the stolen funds into DAI.

🚨ALERT🚨Hey @hedgeyfinance, Our system has detected multiple more transactions on #ARB.
We tried to reach you out but no one has responded to us.

Suspicious address https://t.co/Jp99YtnBVj has executed the same vulnerability on #ARB chain and gained around $42.8M(see… https://t.co/XTTwc8FetH pic.twitter.com/MOD29gwOk3

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 19, 2024

Acknowledging the attack, Hedgey Protocol advised users in a statement to cancel all active demands through the provided mechanism in order to minimize potential losses and protect their assets.

Security Alert: We’re investigating an attack on the Hedgey Token Claim Contract. If you have created active claims, please cancel them using the “End Token Claim” button at https://t.co/Tt7Aq0n2dh.

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

— Hedgey 🦔 (@hedgeyfinance) April 19, 2024

*This is not investment advice.