CertiK Alert Reveals Ongoing Cyberattack On Hedgey Finance’ Token Claim Contract, $1.9M Funds Stolen
In Brief
CertiK Alert identified ongoing cyberattacks targeting Hedgey Finance, resulting in loss of approximately $1.9 million in total funds.
Blockchain security firm CertiK identified ongoing cyberattacks targeting the decentralized finance (DeFi) platform Hedgey Finance. Exploiting vulnerabilities within Hedgey Finance’s on-chain token infrastructure protocol, attackers have managed to siphon approximately $1.9 million in total funds.
The attacker utilized the ‘createLockedCampaign’ function, leveraging flash-loaned funds to obtain authorization for token expenditure from the victim. The victim contract has been drained of USDC, NOBL, and MASA tokens. Presently, attackers persist in stealing assets from Hedgey Finance, subsequently converting them into DAI through sales.
Hedgey Finance has responded to the incident on social media platform X, indicating that the company is actively investigating an attack on the Hedgey Token Claim Contract. Users who have created active claims have been urged to cancel them.
“We are actively working with our auditors and team to understand the attack and stop any ongoing attack. We will share more information as we learn more,” said the Hedgey Finance team.
In the aftermath of the attack, NobleBlocks’ NOBL token witnessed a significant decline in price, plummeting by over 97% within a 24-hour timeframe, as reported by data from ConMarkeCap.
What is Hedgey Finance?
Hedgey Finance provides support for decentralized autonomous organizations (DAOs) and on-chain organizations in distributing tokens to teams, contributors, investors, and the community through on-chain, programmable token distributions. Its suite of tools integrates on-chain token streams with periodic release schedules and administrative features encompassing revocability and optional governance rights, facilitating the distribution and automation of token releases to designated recipients.
The project offers on-chain token vesting, lockups, claim portals, and other related products. It has partnered with various entities, including Arbitrum DAO, Celo, Gitcoin, Gnosis, Shapeshift, Index Coop, Collabland, and others, to integrate its suite of tools.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
