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Another hack – DAO Maker is the latest target; how much did the hackers steal

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source: Unsplash

Lately, DeFi protocols have been the target of hackers. Most recently, PolyNetwork became the victim of the largest DeFi hack in crypto history. Another protocol fell prey to a hack today.

According to the official statement, Dao Maker, a crowdfunding platform was recently hacked. The statement read:

“Regretfully, we must announce that in the early hours of August 12th (approx. 1 AM UTC) DAO Maker faced malicious use of one of our wallets with access to admin privileges.”

Hackers managed to steal USDC(s) from user’s top-up accounts and were replaced by ETH. A total of 2,261 ETH, worth more than $7 million were used to transfer out USDC, as per a report from WuBlockchain.

While the hacker was able to siphon approximately $7M. According to Etherscan, the below-mentioned address was responsible for the exploit.

Source: Etherscan

Furthermore, the report added, “A total of 5251 users were affected, losing USD 1250 on average per user.” However, users with up to $900 remained completely unaffected.

Next steps…

Christoph Zaknun, CEO of DAO Maker stated:

 “Over the next five days, DAO Maker will devise a set of solutions to alleviate the incurred damages and work in full force to bring the hacker to justice through the massive forensics investigation undertaken. All affected users will be informed via email and on their DAO log-in portal.”

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.