Smart Contract Bug Lets Hacker Steal $31 Million In Cryptocurrency

One of the problems with digital currency like cryptocurrency is that it’s online and it’s digital (unless you were to store it on an offline wallet). This means that just like any other online platform and service, it can be hacked and money can be stolen, such as the case with blockchain startup MonoX Finance.

Last week, the company revealed that a hacker had stolen $31 million worth of cryptocurrency after exploiting a bug in the software that they use to draft smart contracts. According to the company, there was an accounting error in the software they used which allowed the hacker to artificially inflate the price of their MONO token, and then use it to cash out on other tokens.

This resulted in $31 million worth of tokens being stolen from Ethereum and Polygon blockchains.

According to the company, “Please know that fixing the issue is at the forefront of our thoughts, and most importantly how we can restore what was lost by our community. Be on the lookout for a compensation plan in the near future. This also goes without saying, but we won’t even consider redeployment until we’ve been thoroughly audited again.”

The company also says that they have tried to reach out to the hacker, presumably in hopes that they might be willing to return the stolen tokens, but whether or not they will remains to be seen.

Tyler Lee
Categories: General
Tags: cryptocurrency, Hack, Security, Social Hit