In a concerning development, the decentralized finance (DeFi) space took another hit as Monoswap fell victim to a hacking incident. This breach occurred less than a day after the attack on DYDX, putting investors on high alert. Users of the platform have been urged to withdraw their funds immediately, refrain from staking, and avoid injecting new capital until the issue is resolved.
How Did the Monoswap Hack Occur?
The attack was initiated when one of Monoswap’s developers inadvertently installed a phishing application. This led to the theft of a notable amount of liquidity from the platform. The incident has raised suspicions about the potential involvement of the notorious Lazarus group. The Monoswap team has advised users to take immediate action to secure their funds.
What Steps Should Users Take?
Monoswap has launched an investigation into the breach. The attackers managed to gain control of a team member’s computer by posing as investors and then installed a botnet. This botnet accessed wallets and contracts integral to Monoswap, resulting in the withdrawal of most staked liquidity. Users have been explicitly instructed to withdraw their staking positions immediately to avoid further losses.
Key User Actions
- Withdraw all funds from Monoswap promptly.
- Cease any staking activities on the platform.
- Refrain from adding new liquidity until further notice.
- Stay updated with Monoswap’s announcements for the latest information.
The Monoswap team has expressed regret over the incident and assured users that they are working diligently to investigate the breach and determine the next steps. Further details and future plans will be communicated as soon as possible. Investors are advised to remain cautious and vigilant during this period.
