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

Another day, another DeFi hack.

Aug 12, 2021 at 1:57 p.m. UTC
Updated Sep 14, 2021 at 1:39 p.m. UTC

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.

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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