DEX MonoSwap suffers staked liquidity loss due to phishing attack on developer -

DEX MonoSwap suffers staked liquidity loss due to phishing attack on developer

Jul 24, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Takeaways

DeFi protocol MonoSwap has suffered a major security breach.
Most staked liquidity positions have been withdrawn by hackers, causing significant damage to the protocol.

MonoSwap, a decentralized exchange (DEX) operating on the Blast framework, was hit by a phishing attack that resulted in staked liquidity losses, said the project in a recent statement. Users are advised to immediately withdraw all staked positions to prevent further losses, as well as avoid adding liquidity or staking in farming pools.

MonoSwap has been hacked

According to MonoSwap, the breach originated from a phishing attack targeting one of its developers. A malicious actor, posing as a venture capitalist, convinced the developer to install a phishing application.Once installed, the app enabled hackers to gain control over the platform’s financial operations. They proceeded to drain a substantial portion of the staked liquidity from MonoSwap’s farming pools. The exact amount of stolen funds has not been publicly disclosed.MonoSwap is currently investigating the attack and will provide updates on the next steps.