Crypto Crowdfunding Platform DAO Maker Hacked for $7 Million | Crypto Craft

  • Crypto Crowdfunding Platform DAO Maker Hacked for $7 Million

    From decrypt.co

    DAO Maker, a cryptocurrency crowdfunding platform that offers public token sales for upstart projects, has been hacked and drained of about $7 million worth of funds overnight, the company announced today. According to the firm, the attack—which was first reported by Wu Blockchain—saw a hacker tap into an exploit regarding one of the company’s crypto wallets with administrator privileges. After successfully using the exploit to first steal 10,000 USDC dollar-pegged stablecoins, the attacker proceeded to complete 15 more transactions. Ultimately, DAO Maker says that 5,251 users had their funds stolen from the ... (full story)

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yieldjunkie
Aug 12, 2021 1:53pm
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This may sound crazy but I see these hackings as a big positive for the crypto environment.

We're watching real-time exercises in what is essentially forensic accounting, largely focused in the most convoluted and confusing area of crypto (DeFi), all while prices of the PoW coins seem to be totally unaffected.

Also.. does anybody know how long it takes for this type of investigative work to take place, end-to-end, in traditional finance? I'd imagine it takes much longer and is not nearly as transparent. I don't waste my time reading SEC and DOJ filings enough to actually know.
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