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DAO Maker crowdfunding platform loses $7M in newest DeFi exploit

08/12/2021

CipherBlade is conducting an investigation into the hack and has recognized a Binance account related to the attacker.

Hackers have stolen funds out of greater than 5,000 person accounts with crowdfunding platform DAO Maker, a web site geared toward elevating cash for crypto tasks.

In accordance with a report from DAO Maker CEO Christoph Zaknun, hackers have been in a position to take away roughly $7 million in USD Coin (USDC) from 5,251 person accounts at roughly 1:00 am UTC in the present day. The platform mentioned the attacker used a wise contract exploit to initially steal 10,000 USDC, then made 15 extra transactions to accumulate extra funds.

“One of many the reason why this did occur might be that the quantity of deposits throughout the [Strong Holder Offering] contract actually exceeded our expectations,” mentioned Zaknun in an AMA on Twitch. “Initially, we by no means anticipated greater than $2.5 million to be deposited in there, however over time, the SHOs turned very fashionable.”

DAO Maker claimed customers with as much as $900 of their accounts “have remained fully unaffected,” with the platform shifting the funds into completely different wallets. Nevertheless, the challenge mentioned it will be suspending all deposits pending a full Root Trigger Evaluation.

Blockchain intelligence agency CipherBlade is conducting an investigation into the hack and has recognized a Binance account related to the attacker. The platform additionally mentioned it will be exploring compensation for all affected customers.

Regardless of the identify, DAO Maker has no obvious connection to MakerDAO, the decentralized finance, or DeFi, protocol behind the stablecoin Dai (DAI).

The assault on the crowdfunding platform comes following one of many largest hacks within the DeFi house. This week, an unknown individual used an exploit on cross-chain protocol Poly Community to take away no less than $600 million from three chains.

Associated: Poly Community hacker returns lower than 1% of the $600M theft

In a weird twist, the hacker has since returned $258 million of the funds and spoken with Poly Community customers straight in a Wednesday AMA utilizing embedded messages in Ethereum transactions. They appeared to haven’t had a plan to switch the funds after efficiently stealing them, and claimed to do the hack “for enjoyable” as a result of “cross-chain hacking is sizzling.”