tl;dr
Hedgey Finance, a decentralized finance (DeFi) protocol, has been hacked, resulting in a loss of at least $1.9 million. Cybersecurity firm Cyvers reported the breach, indicating a larger reported loss of over $44 million. The funds were converted to the stablecoin Dai (DAI) and transferred. Users ha...
Summary: Hedgey Finance, a decentralized finance (DeFi) protocol, has been hacked, resulting in a loss of at least $1.9 million. Cybersecurity firm Cyvers reported the breach, indicating a larger reported loss of over $44 million. The funds were converted to the stablecoin Dai (DAI) and transferred. Users have been advised to cancel active claims related to the Hedgey Token Claim Contract, and Hedgey Finance is actively investigating the attack and working with auditors to understand and stop any ongoing attack.
A decentralized finance (DeFi) protocol has been hacked to the tune of millions of dollars over the Ethereum (ETH) and Arbitrum (ARB) blockchains. In a new announcement, cybersecurity firm Cyvers says that DeFi platform Hedgey Finance has been breached by bad actors who took at least $1.9 million worth of funds that were converted to the stablecoin Dai (DAI). “Hedgey Finance has experienced a security breach with their Hedgey Token Claim Contract! Total loss is around $1.9 million. Attacker is funded by ChangeNOW_io. All stolen funds are swapped to DAI and transferred to an.” According to Hedgey Finance, users should be canceling active claims related to the Hedgey Token Claim Contract, which allows users to create token claims for recipients while having greater control over when claimed tokens are unlocked. “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. We are actively working with our auditors and team to understand the attack and stop any ongoing attack. We will share more information as we learn more.” However, citing a since-deleted X post from Cyvers, on-chain analyst Colin Wu says that Hedgey suffered a significantly larger loss totaling over $44 million. “According to Cyvers Alerts, the on-chain token infrastructure protocol Hedgey suffered an attack on the Arbitrum and lost about $42.8 million, and suffered the same attack on the Ethereum and lost about $1.9 million. Hedgey’s official Twitter account issued a security alert, saying that it is investigating the attack on the contract.”
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.