{"id":313423,"date":"2021-12-06T12:07:07","date_gmt":"2021-12-06T17:07:07","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=313423"},"modified":"2021-12-06T12:07:07","modified_gmt":"2021-12-06T17:07:07","slug":"celsius-network-reportedly-lost-50m-during-the-120m-badgerdao-hack","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/celsius-network-reportedly-lost-50m-during-the-120m-badgerdao-hack","title":{"rendered":"Celsius Network reportedly lost $50M during the $120M BadgerDAO hack"},"content":{"rendered":"

On-chain data has revealed that the BadgerDAO hack resulted in a $50M loss for the Celsius network. This means that Celsius, a crypto lending firm, was the largest victim of the hack.<\/p>\n

The $55M loss suffered by Celsius Network was in Wrapped Bitcoin (wBTC)<\/a>.<\/p>\n

Hacker stole $120M worth of wBTC<\/h2>\n

BadgerDAO suffered a major hack<\/a> where around $120M was stolen from the decentralized autonomous organization. BadgerDAO is a protocol that allows users to use Bitcoin<\/a> as collateral for DeFi applications.<\/p>\n

The hacker exploited the DAO’s front end, leading to notable losses. Investigations on this hack are still ongoing with the assistance of analytics experts from Chainalysis.<\/p>\n

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The details of this hack started after several users started complaining about getting requests to set up additional permissions in their accounts. The hacker also added a feature that tricked users into giving access to the hacker, which later allowed them to drain funds from wallets.<\/p>\n

Since the hack, developers on the protocol have halted all smart contracts to prevent withdrawals as investigations continue. New data from PeckShield, a blockchain security firm, shows that the total losses from this hack came to $120 million.<\/p>\n

The recent hack on BadgerDAO<\/a> also comes after MonoX, a DeFi network, was compromised for more than $30 million on November 30.<\/p>\n

Celsius Network suffered the most<\/h2>\n

The details further show one address that lost around $51M worth of wrapped Bitcoin. This wallet address was the largest victim of this hack. Moreover, on-chain data from Etherscan shows that this wallet address belongs to Celsius Network. The wallet had previously interacted with other wallets believed to belong to Celsius Network.<\/p>\n

Screenshots shared on Twitter<\/a> also prove that the wallet belonged to Celsius Network because of the transaction details. A Twitter user further stated that Celsius had deleted any comments concerning the hack from its Reddit page.<\/p>\n

Moreover, the address owner appears to be a whale that makes seven-figure transactions. The wallet also interacts with another with more than $67M or $40M worth of CEL, the native token for the Celsius Network.<\/p>\n

However, Celsius Network has yet to issue any formal statement to confirm that the hack had indeed affected its wallet address.<\/p>\n

<\/p>

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Your capital is at risk.<\/em><\/p>\n

Read more:<\/strong><\/p>\n