Hackers Victimize MonoX Leaving Losses Up To $30M in Digital Tokens

Exploit: Data Breach, Hacking
Company: MonoX
Industry: Fintech, Cryptocurrency
Source: https://ca.finance.yahoo.com/news/monox-losses-over-30-million-123447176.html

Hackers victimized the MonoX Dex platform after a breach saw the theft of over $30 million worth of digital tokens. The decentralized finance (DeFi) project took to Twitter to announce the hack explaining how the hackers exploited a vulnerability in smart contract software. The bad actors then used a loophole to inflate the price of Mono via smart contracts. This then allowed them to use the coin to buy other digital assets.

MonoX had this to say, “This morning our contract has been exploited. We are sorry to our users who have deposited funds. The team is investigating and will try our very best to get the stolen funds back. We thank our community for your support.”

While no consumer PII or financial data was disclosed, an assortment of digital funds amounting to over $30 million was taken, leaving the Mono token price in shambles at the time of press. The prices of the stolen tokens remain unaffected.

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