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Single User Loses $50 Million Bitcoin in Badger DAO Hack -Breaking

by Mike Robinson

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Badger DAO Hack: One User Lost $50 Million Bitcoin

Decentralized finance (DeFi), protocols have been breached in 2021. This has led to the theft of over $10.5 million in user funds through DeFi fraud.

Badger DAO (a Bitcoin-focused Decentralized Finance Project built on Blockchain) was breached just days prior to its first anniversary.

PeckShield is a security and data analytics firm that uses blockchain technology to analyze the financial transactions of companies. According to them, $120.3 million was taken in front of BadgerDAO’s protocol.

Badger DAO was the 23rd most popular DeFi protocol in Ethereum before the hack. Badger DAO achieved a TVL in November (total value locked). According to Defipulse the TVL for Badger is now at $787 million

One User Loses $50 Million
PeckShield described the failure of the network security breach by saying that one user had lost 896 BTC to the breach (roughly $50 Million at the current rate).

PeckShield Twittered

To The Flipside

  • Despite the growing attacks on DeFi protocols, the sector is enjoying increased attention from investors – over $275 billionCurrently locked in DeFi protocol

What are the reasons to care?

DeFi Protocols must solve the recurring security problem in order to achieve mass adoption.

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