DAO Maker platform attacked - $7 million stolen from users

DAO Maker targeted by a major attack

While the cryptocurrency ecosystem is barely recovering from the biggest hack in its history, a new platform has just suffered a major attack: DAO Maker. This crowdfunding platform that helps projects raise money has just had nearly $7 million stolen.

The information was relayed by Chinese journalist Colin Wu on Twitter, where he indicates that hackers managed to steal USDC stablecoins from users’ wallets and then convert them into Ethers (ETH). A total of 2,261 ETH, which is the equivalent of nearly $7 million, were recovered by the hackers:

It is likely that the transfer of these USDCs for ETH is related to the fact that Circle, which manages stablecoin, has the ability to freeze addresses. The address involved in the attack is known, and some details about it can be seen on the Etherscan explorer.

According to data shared by DAO MAker, 5,512 users were affected by the attack, and the average loss of affected users was nearly $1,250. Users who had less than $900 on the platform were not affected and the funds were moved to new wallets.

To trace the attackers, DAO Maker is working with CipherBlade, a company that specializes in blockchain analysis.

On Telegram, the DAO Maker team assures that the platform’s staking vaults and smart contracts are “absolutely safe,” and specifies that they are different from deposit smart contracts.

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Obviously, sending funds to the platform should be avoided at all costs until a solution is found. In any case, the DAO Maker teams have issued a statement that summarizes the situation, and are expected to come up with a compensation plan within the next 5 days to refund its aggrieved users.

Related News – Hacker exploits Popsicle Finance bug to raise $20 million

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About the author : Clément Wardzala

DAO Maker platform attacked - $7 million stolen from users

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Editor-in-Chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I strive to share qualitative content so that the sector is democratized to all.
All articles by Clement Wardzala.