Decentralized cryptocurrency exchange and staking platform MonoSwap has fallen victim to a major hack. The platform has issued a stark warning to its users, asking them to withdraw any staked positions immediately to avoid further losses.
On July 24, MonoSwap announced via their social media channels that their platform had been compromised. The hack, which resulted in significant losses of MonoSwap’s users staked liquidity, was reportedly the result of a sophisticated phishing attack targeting one of the MonoSwap’s developers.
According to MonoSwap, the hack occurred when one of its developers was lured into installing a malicious backdoored application during a call with the hacker who pretended to be venture capitalists.
The Hacker were able to install the malware on the developer’s computer, which granted them access to the platform’s financial operations including MonoSwap’s wallets, farming pools and contracts.
The hackers then withdrew a significant portion of the platform’s staked liquidity, causing damage to the protocol. The exact amount of stolen funds has not officially been disclosed, but it’s estimated to be in the millions.
The platform’s developers were unaware of the hack until it was too late, and the damage had already been done. Only then did the platform ask its users to withdraw their crypto funds from adding liquidity or staking in farming pools until further notice.
The platform has temporarily disabled all deposit features, including MonoChest, Lottery, Farm, and Dividends.
For now, if you have funds on MonoSwap’s platform, you are advised to stay tuned for updates and take all necessary actions to secure your funds, such as storing them in an offline hardware crypto wallet.
