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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.
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:
STORY CONTINUES BELOW
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
