A cybersecurity company named Cyvers has announced a major hack on the decentralized finance platform Hedgey Finance, leading to substantial financial losses on both the Ethereum and Arbitrum blockchains. The attack, suspected to be orchestrated by ChangeNOW_io, targeted Hedgey’s Token Claim Contract, resulting in approximately $1.9 million in damages when converted to the stablecoin Dai (DAI).
🚨ALERT🚨 Hedgey Finance has suffered a security breach on their Hedgey Token Claim Contract. Approximately $1.9 million in funds were taken. The attacker is reportedly funded by ChangeNOW.io.
The stolen funds have been converted into DAI and moved to an Ethereum Owned Address (EOA).
We strongly advise all users to take necessary precautions to secure their assets, including disconnecting from the affected contract and transferring their funds to a secure wallet.
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 19, 2024
Hedgey Finance promptly issued a security alert urging users to cancel active claims associated with the compromised contract. The contract facilitates the creation of token claims with enhanced control over unlocking mechanisms. The platform is actively collaborating with auditors and its team to investigate the breach and mitigate further damage. As investigations continue, Hedgey Finance pledges to provide updates on the situation.
Colin Wu, an on-chain analyst, brought attention to a larger loss after coming across a now-deleted post from Cyvers. The post suggested a significant loss of over $44 million. Based on Wu’s analysis, Hedgey suffered losses worth around $42.8 million on the Arbitrum network and about $1.9 million on Ethereum. Hedgey Finance acknowledged the security breach through their official Twitter account and assured their users that they were working diligently to resolve the issue.
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2024-04-20 02:44