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DeFi hack: Hackers steal $12.7m from pNetwork

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pNetwork, a cross-chain Defi protocol, has become the latest to be hit by hackers. The DeFi hack was announced on Sunday in a tweet as the thief made away with 277 Bitcoin worth $12.67 million.

What the hacker stole on the Binance Smart Chain network, according to the DeFi platform, is the majority of the network’s collateral, according to pNetwork’s tweet.

Like in almost every DeFi hack operation, the team stated that the attack was executed by exploiting a bug in its codebase.

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pNetwork wrote that a fix is in progress already as they also appealed to the hacker to keep 11.5 percent of the stolen funds if they are going to return the funds.

The firm is yet to give more elaborating details of the Defi hack at press time, and also, they are yet to discuss whether they plan to reimburse impacted users. However, the protocol confirmed safety for other funds.

Since the report of th DeFi hack, the price of pNetwork’s governance token PNT token has plunged 18 percent.

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DeFi hack trend continue wild in crypto space

The Defi hack trend has taken the better of the blockchain system. Before pNetwork, it was DEX protocol, NowSwap, that was hit as it suffered a loss of over $1 million during the attack days back. The attackers stole 535,000 USDT and 158 WETH.

Previously, decentralized exchange THORChain suffered a $7.6 million hack back in July. Weeks later, THORchain was hacked again for around $8 million. Fortunately for the platform, the hacker turned out to be a “white hat,” promising to return the funds for a 10 percent bounty.

Binance Smart Chain has particularly seen a lot of compromise in 2021. DeFi such as PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon among many others were easily hit by hackers this year.

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Binance Smart Chain was also involved in the record-breaking Poly Network hack in early August

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DeFi

BadgerDAO: Hackers drain $10 million in latest DeFi breach

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  • BadgerDAO suffers $10 million hack
  • Traders were sent illicit permission notifications
  • BADGER loses 15% of its value

The decentralized finance industry of the crypto sector has now become one of the most sought-after industries. This is because it provides users with anonymity, and they can carry out their activities without the prying eyes of financial institutions. Furthermore, traders are open to making huge amounts of profits in the protocols in the sector by staking or farming. However, some illicit actors would rather exploit and steal from people instead of making their profits. In yet another hack case in the DeFi sector, hackers have exploited BadgerDAO, draining $10 million from the decentralized finance protocol.

Traders got illicit permission notifications

BadgerDAO is a protocol in the decentralized finance sector that allows traders access to various lending services and takes collateral in Bitcoin. According to the platform, upon calculating funds missing through the exploits, things are sitting around $10 million. In the reports that made the rounds today, users claimed that the hack was perpetrated through BadgerDAO’s interface and not its smart contracts like most hacks. Users claimed they were sent notifications about allowing new permissions while carrying out activities on the platform. With some users allowing the permissions, the hackers could cart away various amounts of digital assets going to a worth of $10 million.

BadgerDAO’s native token plummets

After the hack, the protocol developers said that users complained that they witnessed the unauthorized drawing of funds from their accounts. However, the protocol has moved into action swiftly, putting everything on the protocol on hold at the moment. The developers have also claimed that engineers are working tirelessly to fix the issue and ascertain the level of damage that the breach may have caused. However, BadgerDAO has refused to comment on the exact amount of missing funds on the platform and the level of damage that needs repair before operations can continue.

Some analysis websites have claimed that the amount exploited from the platform is $100 million. After the hack, the native token of the platform, BADGER, dipped in value, losing about 15% of its value, and is currently trading around $22. Hacks have now become predominant in the DeFi sector as the year draws to a close. Some days ago, MonoX, another DeFi protocol, got hacked with the illicit actors carting away more than $30 million in different digital assets.

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DeFi

Someone Just Lost $50 Million Worth of Bitcoin to DeFi Hacker

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A single user of the Badger DAO protocol has lost a whopping $50 million worth of Bitcoin to a hacker

Badger DAO, a Bitcoin-focused decentralized finance project built on the Ethereum blockchain, has been drained of roughly $100 million as a result of a nasty front-end attack.

A single user has lost 896 BTC (roughly $50 million), according to blockchain security company PeckShield.

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In a Twitter statement, the team has acknowledged reports of unauthorized withdrawals, adding that its engineers are investigating the issue.

The protocol’s smart contracts have been temporarily halted.

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According to data provided by DeFi Pulse, Badger DAO is the 23rd biggest DeFi protocol on Ethereum. Last month, it topped $1 billion in total value locked.

Badger DAO allows users to earn passive income with Bitcoin by converting it to either Wrapped Bitcoin (WBTC) or renBTC and depositing it into Sett vaults that algorithmically allocate and autocompound users’ yields.

The hack happened just days before the yield vault protocol’s one-year anniversary.

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BADGER, the native token of the Badger DAO project, is down 15.3% on the news, according to CoinGecko data. 

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Gaming

GameX Ecosystem: Emerging DAO in World of Gaming and DeFi

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GameX is an emerging protocol that was built by gamers in a bid to promote the integration of games in today’s fast-growing decentralized finance (DeFi) ecosystem. Despite the fact that the blockchain and specifically the DeFi ecosystem is still in its infancy, the past year has seen the emergence of innovative projects that are notably disrupting mainstream finance. GameX is no exception.

Built on the Binance Smart Chain (BSC) network, the GameX protocol seeks to become a one-stop-shop for many aspects of decentralized gaming. This includes developing games that users can play, incorporating Non-Fungible Token (NFT) capabilities, and also rewarding users for contributing to its ecosystem development.

Gamex NFT Marketplace

GameX protocol is in the last phases of developing its NFT marketplace where digital artworks and collectibles built through the BEP-721 standard will be supported. The GameX NFT marketplace is a dynamic one and permits creators to mint their digital piece, with additional permissions that can let them list it for sale immediately or at a later time in the future.

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The protocol maintains a very good standard for the operations of its NFT marketplace and will provide a verification capability to enable users to deal with trusted creators only. While the verification badge will be obtainable easily by just filling out a form, the applicant or creator will be required to provide enough documentation in order to get verified.

According to GameX, “verified badges are granted to creators and collectors that show enough proof of authenticity and active dedication to the marketplace. We are looking at multiple factors such as active social media presence and following, dialogue with community members, number of minted and sold items.”

GameX NFT marketplace listed items will also be subject to royalty rewards which are charged when a listed item is resold.

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XGameX

The XGAMEX token that is designed as a reward system for GameX game players, as well as the buyers and sellers of listed NFTs.

Future Plans

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Over the next months, the platform is set to release a play-to-earn racing game (META RACE) in which players will be able to compete against each other. Drawing from its broad capabilities, there is bound to be an NFT incorporation into the racing game, a move that is billed to further enhance the broad embrace of the gaming outfit.

Website: https://game-x.co/

 Twitter: https://twitter.com/gamexofficial1?s=21

Telegram: https://t.me/GameXTokenOfficial

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