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Tech

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.

By Jamie Crawley
AccessTimeIconMar 9, 2021 at 2:11 p.m. UTC
Updated Oct 28, 2022 at 2:54 p.m. UTC
Dodo

The dodo was a flightless bird that became extinct in the late 1600s.

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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:


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Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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