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Huobi Primelist-Supported DeFi Project Drained of $31 Million

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Tue, 11/30/2021 - 15:54
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Alex Dovbnya
Days since the last DeFi hack: 0
Huobi Primelist-Supported DeFi Project Drained of $31 Million
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Decentralized finance protocol MonoX Finance has been drained of $31 million as the result of a hack that occurred earlier today.

It was the third project to appear on Primelist, the token listing platform of major cryptocurrency exchange Huobi, earlier this month.

The team has already addressed the incident in a statement on Twitter, claiming that a vulnerability in the swap contract was used by the attacker to artificially inflate the price of the MONO token and then purchase all digital assets in the pool.

In a lengthy Twitter thread, MonoX also made a desperate plea to the hacker in an attempt to reach out to him/her:

We also really wish to have a chance in talking with the "hacker". We value very much for what we've built for the current and future MonoX, and most importantly our users and their funds; PLEASE reach out to us.

The attacker pocketed $18.2 million worth of wrapped Ether (WETH) and $10.5 million worth of Polygon (MATIC).

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 In early August, $610 million worth of crypto was stolen from cross-chain DeFi project Poly Network, which marked the biggest DeFi heist to date. After several weeks of headline-grabbing drama, the hacker ended up returning the entire sum, which led to plenty of speculation about his real intentions.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.