DAO Maker platform victim of attack – $ 7 million stolen from users

DAO Maker targeted by major attack

As the cryptocurrency ecosystem is barely recovering from the biggest hack in its history, a new platform has just suffered a major attack: DAO Maker. This crowdfunding platform that helps projects raise funds has just had nearly $ 7 million stolen.

The information was relayed by Chinese journalist Colin Wu on Twitter, where he indicates that the hackers have managed to steal USDC stablecoins from users’ wallets and then convert them into Ethers (ETH). A total of 2,261 ETH, which corresponds to the equivalent of nearly $ 7 million, was thus recovered by the hackers:

Breaking: The crowdfunding platform DAO Maker was attacked, and the USDC that users topped up was transferred out and replaced with about 2,261 Eth, worth more than 7 million US dollars.

– Wu Blockchain (@WuBlockchain) August 12, 2021

It is likely that the transfer of these USDCs for ETH is linked to the fact that Circle, which manages the stablecoin, has the ability to freeze addresses. The address affected by the attack is known, and some details about it can be seen on the Etherscan explorer.

According to some estimates, between 9,000 and 10,000 DAO MAker users have been affected by this attack. Technical details regarding this attack are not yet known, and several blockchain security companies, including PeckShield, are already investigating the matter.

On Telegram, the DAO Maker team ensures that the platform’s staking vaults and its smart contracts are “absolutely safe”, and specifies that these are different from deposit smart contracts.

Obviously, we must at all costs avoid sending funds to the platform until a solution is found. Either way, DAO Maker’s teams are preparing a statement to clarify the situation, and could potentially take the necessary steps to reimburse its aggrieved users.

👉 On the same theme – Hacker exploits Popsicle Finance bug and drains $ 20 million

This article is under development and will be updated.

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About the author: Clément Wardzala


Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.

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