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MonoX is the latest victim of a DeFi Hack losing $31 million worth of crypto

MonoX is the latest victim of a DeFi Hack losing $31 million worth of crypto

DeFi platform MonoX has reported the loss of $31 million following a DeFi hack that saw hackers stealing  $18.2 million in wrapped ether (WETH) and $10.5 million in polygon (MATIC) as well as other cryptocurrencies.

MonoX is a DeFi platform that offers single token pools, traders can place their tokens and receive tokens in return for providing liquidity. The DeFi platform is the latest to confirm a hack of their protocol, noting that the price of their tokens were artificially boosted, which allowed the attacker to use the tokens to purchase the other assets in the pools at a much lower rate. 

MonoX released a statement following the hack:

"First, we want to extend immediate, sincerest apologies toward the incident and we assure you our entire team and partners are all working on this right now. Security of users' funds is of utmost importance to us and we have had multiple security audits and a security advisor firm that work with us on an ongoing basis. However, unfortunately, we were still exploited,"

While no further details of the attack have been revealed, MonoX has expressed their desire to get in contact with the perpetrator of the hack to resolve the issue, perhaps wishing to offer a bounty if the stolen funds are returned.

Several recent hacks have seen hackers exploit vulnerabilities of DeFi platforms such as SushiSwap and Vee Finance. SushiSwap recently had $3 million stolen, while Avalanche-based finance platform Vee Network was exploited for $35 million.

The growing trend of smart-chain hacks happening across the DeFi ecosystem is concerning, with the largest hack thus far happening on the Poly Network, when a hacker exploited a vulnerability in Poly Network’s code. While almost all of the $600 million was returned, this remains the greatest hack in DeFi history so far. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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