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Huobi Primelist-Supported DeFi Project Drained of $31 Million

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Days since the last DeFi hack: 0

Decentralized finance protocol MonoX Finance has been drained of $31 million as the result of a hack that occurred earlier today.

It was the third project to appear on Primelist, the token listing platform of major cryptocurrency exchange Huobi, earlier this month.

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The team has already addressed the incident in a statement on Twitter, claiming that a vulnerability in the swap contract was used by the attacker to artificially inflate the price of the MONO token and then purchase all digital assets in the pool.

In a lengthy Twitter thread, MonoX also made a desperate plea to the hacker in an attempt to reach out to him/her:

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We also really wish to have a chance in talking with the “hacker”. We value very much for what we’ve built for the current and future MonoX, and most importantly our users and their funds; PLEASE reach out to us.

The attacker pocketed $18.2 million worth of wrapped Ether (WETH) and $10.5 million worth of Polygon (MATIC).

In early August, $610 million worth of crypto was stolen from cross-chain DeFi project Poly Network, which marked the biggest DeFi heist to date. After several weeks of headline-grabbing drama, the hacker ended up returning the entire sum, which led to plenty of speculation about his real intentions.

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