DeFi platform MonoX loses $31 million in hack

A hacker siphoned off crypto assets worth $31 million from the MonoX platform built on Polygon. The Block analyst Igor Igamberdiev drew attention to this.

I even started to get a little bored, but half an hour ago $31M were stolen from @MonoXFinance on Polygon and Ethereum.

— 5.7M MATIC ($10.5M)
— 3.9k WETH ($18.2M)
— 36.1 WBTC ($2M)
— 1.2k LINK ($31k)
— 3.1k GHST ($9.1k)
— 5.1M DUCK ($257k)
— 4.1k MIM ($4.1k)
— 274 IMX ($2k) pic.twitter.com/BjtW7UlG6b

— Igor Igamberdiev (@FrankResearcher) November 30, 2021

According to the researcher, the attacker stole:

• 5.7 million MATIC tokens (worth about $10.5 million);
• 3,900 WETH ($18.2 million);
• 36.1 WBTC ($2 million);
• 1,200 LINK ($31,000);
• 3,100 GHST ($9,100);
• 5.1 million DUCK ($257,000);
• 4,100 MIM ($4,100);
• 274 IMX ($2,000).

Soon after Igamberdiev’s tweet, MonoX representatives confirmed the hack.

This morning our contract has been exploited. We are sorry to our users who have deposited funds. The team is investigating and will try our very best to get the stolen funds back. We thank our community for your support.

— MonoX (@MonoXFinance) November 30, 2021

The developers apologised to investors. They said the incident is being investigated and steps are being taken to recover the funds.

MonoX representatives subsequently explained that the attacker managed, using a swap contract, to push MONO’s price to the skies, and then buy all the other assets in the pool with it.

A method in the swap contract was exploited and boosted MONO token price to sky-high. The attacker then used MONO token to purchase all the other assets in the pool.

— MonoX (@MonoXFinance) November 30, 2021

Earlier in November, the DeFi platform bZx lost $55 million in a hack.

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