OnyxDAO Hit by $3M Hack: Exploit Targets Decentralized Protocol

The post OnyxDAO Hit by $3M Hack: Exploit Targets Decentralized Protocol appeared first on Coinpedia Fintech News

OnyxDAO has been hacked, losing approximately $3.2 million, according to blockchain security firm PeckShield. The firm traced the exploit to a precision flaw in the CompoundV2 code base, which allowed hackers to manipulate the exchange rate and siphon off funds. The stolen assets include VUSD 4.1 million, XCN 7.35 million, 5,000 DAI, 230 WBTC, and 50,000 USDT according to PeckShield’s findings. The attacker’s wallet currently holds 521 ETH, valued at $1.36 million. This exploit underscores the increasing vulnerabilities in decentralized finance (DeFi) platforms, raising concerns over their security.