Crypto Fundraising DAO Loses Over $7M in Latest Crypto Exploit

DAO Maker, a fundraising platform for upcoming crypto projects that has no relation to the more widely known MakerDAO, was exploited Thursday, resulting in a loss of more than $7 million, according to China-based blockchain security analysis firm PeckShield.

A total amount of 7,376,245 USDC was transferred from an Ethereum address associated with the DAO Maker attacker to decentralized exchange Uniswap in exchange for 2,261 ether, according to PeckShield.
The attacker was able to access DAO Maker's balance by taking advantage of a bug on DAO Maker's contract, said a spokesperson from PeckShield.

CoinDesk - Unknown — Details of the attack on DAO Maker, according to blockchain security firm PeckShield.

The exploit came just a day after cross-chain DeFi site Poly Network was hacked for losses of over $600 million, the largest hack in decentralized finance (DeFi) to date.

In a Twitter thread, the DAO Maker team said 5,521 users were affected, with the average user losing $1,250.

"Blockchain forensics company CipherBlade is already investigating, and exchanges blocked the hackers' wallet," DAO Maker tweeted.

A compensation plan is in the works, the project said.

UPDATE (Aug. 12, 14:04 UTC): Adds comments from DAO Maker's Twitter feed.

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Muyao Shen

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