DeFi protocol MonoX is the latest hack victim in the DeFi protocol space. According to reports, MonoX’s Finance smart contracts on Ethereum and Polygon were drained of $31 million worth of assets on Tuesday morning. MonoX Finance Founder and CEO Ruyi Ren confirmed this on Telegram, also adding that the protocol’s team is working to retrieve the stolen funds. According to Ren, the said team wants to offer the perpetrator monetary enticement to return the funds.
The MonoX team also issued a statement that provided some insight into how the theft took place. It read:
“A method in the swap contract was exploited and boosted MONO token price to sky high. The attacker then used MONO token to purchase all the other assets in the pool.”
About $18.2 million worth of the stolen funds were in Wrapped Ethereum, while an additional $10.5 million were MATIC tokens. Furthermore, the rest of the lost balance comprised several other tokens, including Chainlink, Wrapped Bitcoin, Unit Protocol, Aavegotchi, and Immutable X.
MonoX is now one of several DeFi protocols to fall victim to cyber theft this year. For instance, in October, Indexed Finance, another DeFi protocol, lost $16 million after a hacker was able to trick its smart contract into miscalculating deposited assets’ value.
According to crypto analytics company Elliptic, the total value of money lost to DeFi theft this year alone is $12 billion.
Image Credits: Pixabay
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