Blast

2024

<p class="is-style-lead">MonoSwap, a yield farming protocol, has suffered a significant hack after a fake venture capitalist installed malware on a developer’s tech.&nbsp;</p> 
<p>The yield-driven <a href="https://crypto.news/tag/DEX/" data-type="link" data-id="https://crypto.news/tag/DEX/" target="_blank" rel="noreferrer noopener">decentralized exchange</a> urged users not to add liquidity or stake in its pools until further notice. Those with staked funds should withdraw immediately to avoid potential losses.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨 ALERT: MonoSwap has been hacked. DO NOT add liquidity or stake in our farming pools at the moment.<br><br>If you have any staked positions, please withdraw immediately to avoid funds loss.<br><br>Yesterday, one of our developers installed a phishing app to join a call with scammers who…</p>— MonoSwap (@monoswapio) <a href="https://twitter.com/monoswapio/status/1816151998267547851?ref_src=twsrc%5Etfw" target="_blank" rel="">July 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The breach occurred after a MonoSwap developer installed a malicious application during a call with a scammer posing as a venture capitalist.</p> 
<p>This phishing app allowed attackers to access MonoSwap-related wallets and contracts, resulting in the withdrawal of most staked liquidity.&nbsp;</p> 
<p>The team is currently investigating the incident and will provide updates soon.</p> 
<p>“We are planning the refund options. The team will try its best to recover the hacked funds,” the company <a href="https://x.com/monoswapio/status/1816143852727845125" target="_blank" rel="">posted</a> on X.</p> 
<p> You might also like: <a href="http://dYdX website compromised following news of sale" target="_blank" rel=""> dYdX website compromised following news of sale </a> </p> 
<h2 class="wp-block-heading" id="what-is-monoswap">What is MonoSwap?</h2> 
<p>MonoSwap is a DEX and Launchpad integrated into the robust Blast framework.&nbsp;</p> 
<p>The MonoSwap platform is known for its highly efficient and customizable protocol, which offers unique capabilities for builders and users and fosters adaptable liquidity. Compared to traditional DEX designs, MonoSwap prioritizes composability, thus redefining decentralized financial solutions.</p> 
<p> You might also like: <a href="https://crypto.news/interpol-targets-hong-kong-crypto-promoter-with-red-notice-over-384k-fraud/"> Interpol targets Hong Kong crypto promoter with red notice over $384k fraud </a> </p>

MonoSwap suffers hack, urges users to withdraw funds

Table of Contents

crypto.news

Other articles published on Jul 24, 2024

US Senator plans to announce legislation for Strategic Bitcoin Reserve at Bitcoin 2024

Nigeria to Upskill 1000 AI and Blockchain Experts Annually

Bitcoin Battles to Reclaim $65,000 as Analysts Eye Crucial Support Levels

Analyst Forecasts XRP Price Increase

Magic Eden and Ordlify Collaborate to Streamline the Creation and Sales of New Bitcoin Ordinals C...

Introducing Proptokenmarket: Pioneering the Future with the “First Real Estate Token Directory” (...

Join our free newsletter for daily crypto updates!