In a major security incident, MonoSwap, a decentralized exchange and staking platform, has fallen victim to a malicious hack. On July 24, the platform issued an urgent warning, advising all users to withdraw their funds and halt any new deposits or positions.
Immediate Actions for MonoSwap Users
MonoSwap’s announcement came with a critical advisory for users: withdraw any funds currently on the platform to avoid losses. The platform emphasized that no new funds should be deposited, and users should not open new positions until the situation is resolved. Additionally, MonoSwap identified a malicious link circulating on social media and warned users to avoid interacting with it.
Unveiling the Hack: A Developer’s Mistake
The security breach began on July 23, when one of MonoSwap’s developers mistakenly installed a phishing application. The developer was tricked into a call with scammers posing as venture capitalists, allowing the malicious software to be installed on their computer. This software granted the hackers access to the platform’s wallets and contracts, enabling them to withdraw a substantial amount of the staked liquidity.
Efforts to Mitigate the Damage
MonoSwap is currently investigating the breach and assessing the damage. The platform is also in discussions with venture capitalists to secure support and ensure a more secure future for its users. MonoSwap has expressed its commitment to rebuilding trust and enhancing security measures moving forward.
Also Read: Li.Fi Protocol Hacked: $10 Million Cryptocurrency Loss
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