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DeFi project Dego Finance hacked, $10 million stolen

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Once again, unfortunately, the world of decentralized finance (DeFi) has hit the mark . The Dego Finance (DEGO) project was hacked today and hackers stole at least $10 million worth of crypto tokens. The Dego Finance team has since responded to the hack and indicated that steps are being taken to recover the stolen funds.

Dego Finance hack

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It was announced via the official Twitter account of Dego Finance that a wallet belonging to the project that contributes to liquidity on decentralized exchanges , such as Uniswap and PancakeSwap, had been invaded by hackers. This liquidity was then drained by the hackers.

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In addition, the Dego Finance team announced that they have taken measures in collaboration with major crypto exchanges such as Binance and KuCoin to ensure that the damage was limited. These exchanges have since suspended deposits with the DEGO token.

According to the blockchain security company Peckshield, the hackers were able to steal at least $10 million. Cryptocurrencies have been stolen from at least 13 different addresses on different chains .

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DeFi hacks

The share price of DEGO naturally reacted strongly to the news that the DeFi project had become the victim of a large-scale hack. In a short time, DEGO’s share price collapsed by at least 20%.

Unfortunately, today it is no longer a rarity for a DeFi project to be attacked by hackers and large amounts of money stolen. Almost every month , many millions are stolen from such platforms.

The DeFi sector has enormous potential, that much is clear, but unfortunately there are still serious teething problems that make it possible for hackers to easily penetrate with all the consequences that entails.

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