The post Another Crypto Hack in 24 hours : MonoSwap’s Liquidity Got Drained appeared first on Coinpedia Fintech News
This bull season is slowly converting into a hack season. The community has seen a number of hacks including WazirX, Rho Markets, Fractal, and dYdX. A new one got added to this list just after a day of dYdX hack, when a yield farming protocol, MonoSwap, got hacked on July 24th.
Error of a MonoSwap Dev
MonoSwap, from their official Twitter handle, shared the full information about this hack. According to the news, a MonoSwap developer installed an application to join a call with a scammer who pretended to be a VC. This was a phishing application. This application was installed on the office PC which has full access to MonoSwap-related wallets and smart contracts. The hacker used the phishing application to install a botnet on the main PC and got complete access to the system. They then drained most of the staked liquidity, which damaged the protocol. In t
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