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MonoX Finance Records $31 million Crypto Theft

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MonoX Finance Records $31 Million Crypto Theft
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LEARN HOW TO TRADE, BITCOIN, EOS, ETHEREUM, LIGHTBLOCKS MEDIA

MonoX Finance has unfortunately had its own share of DeFi attack. According to an unofficial tweet, approximately $31 million worth of cryptos have been illegally moved from the DeFi platform. These funds were however stolen across the Polygon and Ethereum network.

The tweet further shows that the funds stolen were: 3,900 Wrapped ETH ($18.2 million), 5.7 million MATIC ($10.5 million), 36.1 Wrapped BTC ($2 million), 5.1 million DUCK ($257,000), 1,207 LINK ($31,000), 3,178 GHST ($9,100), 4,125 MIM ($4,100), 274 IMX ($2,000).

In a subsequent tweet, MonoX Finance confirmed to its contract’s exploitation in the early hours of November 30th 2021.

“This morning our contract has been exploited. We are sorry to our users who have deposited funds. The team is investigating and will try our very best to get the stolen funds back. We thank our community for your support.

MonoX Finance

 MonoX Finance further sent apologies to the affected users.

First, we want to extend immediate, sincerest apologies for the incident and we assure you our entire team and partners are working on this right now.

Equally, the DeFi platform noted that, they would like to have a dialogue with the hackers.

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. 

Monox Finance

About MonoX Finance

MonoX Finance founded by Ruri Ren is a multi-layer and multi-chain decentralized exchange (DEX). The DeFi protocol adopts a single token liquidity pool method using a virtual stable coin pair.

In other words, the MonoX Finance works by grouping deposited tokens into a virtual pair with vCASH. With this model, users can trade between any ERC-20 token listed on the MonoX Finance platform.

Furthermore, this design adopted by MonoX Finance is aimed at creating a more capital-efficient and cost effective product for end users. Also, it is said to be helpful in safeguarding against malicious token listings and rug pulls.

The DeFi platform also offers liquidity pools. Here, traders can deposit only one kind of token and in turn receive liquidity pool tokens.  

MonoX Finance has a native token with the ticker MONO. As at the time of writing, MONO fell at about -23% as a result of the hack incident.

MonoX Finance DeFi Attack

Final Thoughts

Inasmuch as Decentralized Finance is a great innovation, it comes with some associated risks. One of such, is the risk of losing your funds to hackers. In essence, it is important that you trade with care. More so, this should be a wake up call for decentralized exchanges to tighten security levels.

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