The BadgerDAO, a decentralized ICO platform using the Ethereum blockchain, was hacked yesterday. The attackers exploited an exploit in the DAO’s code that allowed them to take 5% of those tokens without any authorization. Celsius is one such token within this DAO and has been labelled as ‘the biggest victim’. While it may not be correct to say they were victims of the hack itself, there are other implications for their involvement with this attack.
The “Celsius backed by” is a cryptocurrency that aims to disrupt the world of blockchain. It uses Celsius as its name and it’s currency, which is called ‘crypto’. Celsius has recently been the victim of a BadgerDAO exploit.
BadgerDAO, a Bitcoin DeFi tool, was hit by a big assault earlier this week, and one of the most damaged addresses, which lost approximately 900 Bitcoin, might be held by Celsius, according to current theory.
Although the popular lending platform that allows users to earn interest on their crypto deposits hasn’t verified the accusations, on-chain data backs up the suspicions that have been circulating on social media.
The history of transactions shows
The address identified as the BadgerDAO attack’s greatest loser lost 896 Wrapped Bitcoin valued around $51 million.
Following the exploit, claims began to circulate on social media sites such as Reddit and Twitter that the compromised address was linked to Celsius.
“Despite Celsius’s attempts to persuade the community that they did not lose 900 BTC as a consequence of the breach, the on-chain transactions show the exact reverse,” one Twitter user, BigTimeCali, stated.
Indeed, an on-chain investigation exposes the victim’s transaction history with an address that has a $65,6 million balance at the time of writing, with about $40 million in Celsius’ native token CEL. This address communicates with one of Celsius’s primary addresses, “Celsius Network: Wallet 5,” on a frequent basis.
“All of evidence suggests that the address that lost 900 BTC was likely controlled by Celsius.” “Celsius has not verified anything yet, so this is just conjecture for the time being, and we don’t know for sure whether Celsius was damaged or not,” the Reddit post added.
The attacker stole around $120 million in user cash by hacking BadgerDAO’s front-end interface, however the decentralized autonomous organization has yet to certify the extent of the damage.
Meanwhile, the compromised protocol ensured that the inquiry would continue by pausing smart contracts to prevent future withdrawals.
The probe is still ongoing.
Badger has hired data forensics specialists Chainalysis to investigate the entire scope of the issue, and authorities in both the United States and Canada have been notified. Badger is fully cooperating with external investigations while also conducting its own.
December 2, 2021 — adgerDAO (@BadgerDAO)
“Badger has engaged data forensics specialists Chainalysis to investigate the entire scope of the problem & authorities in both the US and Canada have been notified & Badger is fully cooperating with external investigations as well as continuing with its own,” the company posted on Twitter.
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In: DeFi, Hacks, and Rumors
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The “what happens if celsius gets hacked” is a question that has been asked many times. It’s not 100% clear what would happen to Celsius holders in the event of an attack.
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