The crypto market has suffered yet again, due to a recent exploitation on the ARB chain and a big hack on the Hedgey Finance token claim contract that resulted in a huge financial loss for the protocol.

Attacker Steals Over $40 million in Tokens

A web3 security firm, cyvers, flagged the hack and revealed that the attack on the ARB platform was arranged by a suspicious address – 0xc7241e27ee4b8d32b59a10e848b48530047a8c5b, as a result of which the sum of $42.8 million in tokens was withdrawn. 

Despite numerous attempts to appeal for assistance from the targeted victims, their plea has never been acknowledged, and it seems unresolved. The attacker has already made a substantial deposit, including 200,000 $BONUS tokens and $110,000 to Bybit_Official, which clearly shows one attack involving different cryptocurrency networks from different kinds of exchanges.

Earlier Hedgey’s Finance led to a loss of almost $1.9 million. The attacker, whose financing source has been linked to ChangeNOW_io, immediately changed the stolen funds to DAI and sent them to an externally owned account.

Response by the team

After the acknowledgement of the breach, the team came out with an urgent alert and notified their users to revoke all permissions for the case and also informed them on how to make their accounts safer to avoid future losses. 

The platform of Hedgey Finance has also provided specific procedures for initiative cancellation as well; this prompts all the market participants to take drastic action immediately to avoid any more losses.

The affected platform is currently working to determine the nature of the hacking and the way of mitigating it with the help of cybersecurity experts and auditors. They are open and communicating with users continues to be their focus area to build consensuses and protect assets.

These incidents show that the DeFi industry is not yet entirely safe and steady efforts should be put against complex online threats that are necessary in the digital crypto arena.

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