In 2021, we have seen a trend of decentralized finance (DeFi) protocols being breached. These exploitations have led to over $10.5 billion worth of user funds has been stolen through DeFi fraud and theft in 2021.
Days before its one-year anniversary, Badger DAO, a Bitcoin-focused decentralized finance project built on the Ethereum blockchain, has become the latest DeFi protocol to suffer from a network breach.
According to PeckShield, a blockchain data and security analytics company, a total of $120.3 million was stolen in the front-end attack of the BadgerDAO protocol.
Before the hack, Badger was ranked as the 23rd largest DeFi protocol on Ethereum. In November, Badger DAO reached a TVL (total value locked). According to Defipulse, the TVL in Badger has now dropped to $787 million.
A Single User Lost $50 Million
Explaining the breakdown of the network breach, PeckShield stated that a single user had lost 896 BTC (roughly $50 million at the current Bitcoin price) to the network breach.
PeckShield Tweeted;