Key Takeaways:
- MonoSwap was hacked on July 23, 2024, due to a developer installing a phishing application.
- Users were urged to withdraw funds immediately as attackers withdrew most of the staked liquidity.
- This hack is part of a larger trend of increased crypto attacks, including recent breaches on Compound Finance and WazirX.
On July 24, 2024, MonoSwap, a decentralized exchange and staking platform, announced it had been hacked.
Users were urged to withdraw their funds immediately and avoid depositing new funds or interacting with the platform.
🚨 ALERT: MonoSwap has been hacked. DO NOT add liquidity or stake in our farming pools at the moment.
— MonoSwap (@monoswapio) July 24, 2024
If you have any staked positions, please withdraw immediately to avoid funds loss.
Yesterday, one of our developers installed a phishing app to join a call with scammers who…
The hack occurred on July 23, 2024, when a MonoSwap developer accidentally installed a phishing application, giving scammers access to the platform’s wallets and contracts.
The attackers withdrew most of the staked liquidity.
MonoSwap is investigating the breach and working with venture capitalists to resolve the issue.
🚨 HACK ALERT:@monoswapio, a staking platform, announced that it suffered a malicious hack and warned users not to stake or add additional funds at the moment.#Monoswap also warned users to withdraw their funds from the platform immediately to avoid losses pic.twitter.com/FBTNZiwbOh
— Satoshi Club (@esatoshiclub) July 24, 2024
This incident is part of a larger trend of increased crypto hacks.
Bobby Ong of CoinGecko recently warned of rising attacks following Google’s sale of its domain business to Squarespace, which removed two-factor authentication.
Other recent hacks include attacks on Compound Finance and the Indian exchange WazirX, with the latter losing $235 million to the North Korean Lazarus group.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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