DODO DEX Drained of $3.8M in DeFi Exploit

The decentralized finance platform said it expects $1.88 million of the stolen funds to be returned.

AccessTimeIconMar 9, 2021 at 2:11 p.m. UTC
Updated Sep 14, 2021 at 12:23 p.m. UTC

Decentralized finance (DeFi) platform DODO has been hacked for approximately $3.8 million worth of tokens.

  • DODO said in a statement Tuesday it expects just under half of those funds ($1.88 million) to be returned.
  • The decentralized exchange (DEX) runs on Ethereum and Binance Smart Chain (BSC). It is the ninth-largest DEX by value locked, according to data site DeFi Pulse.
  • DODO provides liquidity to traders by miners contributing to "Crowdpools."
  • Four of these pools – WSZO, WCRES, ETHA and FUSI – were affected by the exploit.
  • The hackers exploited a bug in the pools' smart contract to create counterfeit tokens that were then transferred to their wallets using a flash loan.
  • Last week, the similarly BSC-based Meerkat Finance was hacked for $31 million just one day after launch.
  • Here is the latest update from the DODO team:

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Remember ICOs? You Would Have Made a Fortune if You HODLed; Bitcoin Slogs Toward $20K

Investors who purchased a breadbasket of blue chip coin offerings about five years ago would have generated an 819% return, even with the current bear market; most cryptos fell in Tuesday trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
Compass Mining Seen Losing Maine Facility After Failing to Pay Power Bill

The most valuable crypto stories for Tuesday, June 28, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
Crypto Jobs: Who’s Cutting and Hiring?

A running reckoning to layoffs and hirings in the cryptocurrency/blockchain industry.

CoinDesk - Unknown
4
CoinDesk - Unknown
Governments May Restrict Foreign Access to Their CBDCs, Riksbank Official Says

Not all countries “play nicely” with each other, complicating how central bank digital currencies will interact with other payment systems, said Cecilia Skingsley, first deputy governor at the Swedish central bank.

CoinDesk - Unknown