Over $30 Million in WETH and MATIC Stolen From DeFi Project MonoX

MonoX Finance got robbed off of $30 million worth of WETH and MATIC in the latest DeFi Attacks of 2021

  • Jan 06, 2022
  • 3 Mins
  • 24
  • Updated :

For the past 12 months, blockchain fanboys have believed that it is the most secure platform without even trying, and it is impenetrable. However, the statistics of Decentralized Finance (DeFi) projects being attacked told a different story altogether.

Out of the total 534 blockchain security breach incidents, 169 of them occurred only in 2021. Today, we’re going to talk about another prominent security breach that resulted in a considerable amount of FUD in the crypto market and caused fluctuation in the overall prices of several currencies.

What is MonoX?

The concept of MonoX Finance (MONO) is a little different from other DeFi projects. The platform is a DeFi protocol that utilizes a single token design for liquidity pools instead of pool pairs. This has helped many promising projects initiate their crypto journey without paying zero extra capital at the launch of their respective tokens. Moreover, traders observe a much lesser trading fee when swapping tokens.

MonoX Got Exploited Although the platform looked extremely promising since the start, the hackers managed to find a loophole in the platform’s bullet-proof security. According to the project managers, a method in the swap contract was exploited and boosted the MONO token price to an unusually higher All-time high. The hackers exploited this loophole to swap the coin with other digital assets such as Wrapped Ethereum (WETH) and Polygon (MATIC).

Upon calculation, it was found that the hackers managed to steal a total of $30 million worth of WETH and MATIC. The organization deemed it fit that it should inform its audience on Twitter by a tweet regarding the security breach before hearing it from the viral news wave, which can be found here.

Most Prominent DeFi Hacks in 2021 Decentralized Finance has been the hottest talk of the town in the world of cryptocurrencies. While it has a variety of benefits for young minds to get attracted to, it has its fair share of caveats too.

Let’s have a look at some of the defining DeFi attacks in 2021.

Yearn Finance Flash Loan Attack Just when the market had begun stabilizing, the world was hit with concerning news regarding the Yearn Finance flash loan attack. According to numerous reports, a whopping total of $11 million was manipulated and siphoned by the hackers, and they managed to leave the market with a staggering profit of $2.7 million. The other $8.5 million were later reported to be paid in fees to ensure no flags for suspicious activities on the network.

The primary manipulation method was flash loans that helped the hackers create a collateralized loan. Regardless of the technicalities, this incident left the crypto community shell-shocked and developed an unnecessary FUD within the community. EasiFi Hack It was the start of April, the market had slowly started to crawl back from the consecutive dumps, and the bulls were gearing to take control of the price action when a cryptojacking happened to EasiFi.

Based on the Polygon network, the platform became a home for newbies who weren’t aware of the more common exchanges such as Binance or Coinbase. According to several financial news reports, the platform had to suffer a loss of $80 million to a strategic hack.

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Dawar is one of our Freelance Associates at WWCrypto, Dawar is tasked with writing high quality content on a regular basis for us. Dawar joined us in January 2022.


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