Hedgey Finance Loses $44.7M 😱 Due to Dual Exploits 😞

Hedgey Finance Loses $44.7M 😱 Due to Dual Exploits 😞

Crypto Security Update: Hedgey Finance Takes a Hit from $44.7 Million Exploits

As a crypto enthusiast, you need to stay informed about recent security breaches in the crypto space. Hedgey Finance recently fell victim to two simultaneous exploits, resulting in a staggering loss of $44.7 million from its token infrastructure platform.

Hedgey Finance Hacked

Reports indicate that Hedgey Finance was targeted in two exploits, one on the Ethereum network and another on the Arbitrum (ARB) network. The attack on the ETH network led to a loss of $1.9 million, while the Arbitrum exploit resulted in a theft of $42.8 million in ARB tokens.

  • The hacker utilized the ‘createLockedCampaign’ function during the two-hour attack across multiple blockchains

Security Breach Details:

On-chain analytics revealed that the attacker received funds from the web3 crypto exchange ChangeNOW, and the stolen funds were swiftly converted to $DAI and transferred to an External Owned Account (EOA).

Hedgy Finance Response

After the security breaches, Hedgey Finance promptly acknowledged the incidents and initiated a thorough investigation into the attacks on their Token Claim Contract. They advised users with active claims to utilize the platform’s “End Token Claim” feature to mitigate further risks.

  • Hedgy Finance is collaborating with security experts to investigate the vulnerabilities exploited during the attacks

Crypto Security Improvements

Amidst the recent security breaches, the crypto space saw a positive development in March. Losses from hacks decreased by almost 50%, offering a glimmer of hope to investors after a tumultuous period.

  • In March 2024, there were over 30 hacking incidents, resulting in $187.29 million in losses

PeckShield Report Highlights:

A report by PeckShield revealed that while March still witnessed significant losses from hacks, the overall amount decreased by approximately 48% compared to February. Additionally, $98.8 million of the stolen funds were successfully recovered.

  • March’s losses exceeded $182.5 million from January’s incidents
  • The first quarter of 2024 experienced a 17.5% reduction in losses compared to the same period in 2023

Crypto Theft Trends:

PeckShield’s report emphasized that hacking remains the primary method of crypto theft, accounting for 95.6% of total losses. In contrast, fraud only made up a small fraction, constituting 4.4% of the overall theft.

Hot Take: Stay Informed and Secure Your Crypto Assets

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As a vigilant crypto investor, it’s crucial to monitor the latest security updates and trends in the industry. Protecting your digital assets should be a top priority to minimize the risks of falling victim to malicious attacks.

Author – Contributor at | Website

Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.