DODO DEX Drained of $3.8M in DeFi Exploit
The decentralized finance platform said it expects $1.88 million of the stolen funds to be returned.
Mar 9, 2021 at 2:11 p.m. UTCUpdated Aug 19, 2021 at 7:52 a.m. UTC
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Decentralized finance (DeFi) platform DODO has been hacked for approximately $3.8 million worth of tokens.
- DODO said in a statement Tuesday it expects just under half of those funds ($1.88 million) to be returned.
- The decentralized exchange (DEX) runs on Ethereum and Binance Smart Chain (BSC). It is the ninth-largest DEX by value locked, according to data site DeFi Pulse.
- DODO provides liquidity to traders by miners contributing to "Crowdpools."
- Four of these pools – WSZO, WCRES, ETHA and FUSI – were affected by the exploit.
- The hackers exploited a bug in the pools' smart contract to create counterfeit tokens that were then transferred to their wallets using a flash loan.
- Last week, the similarly BSC-based Meerkat Finance was hacked for $31 million just one day after launch.
- Here is the latest update from the DODO team:
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