Celsius Network Lost $50 Million In Latest BadgerDao Hack

The Celsius network lost $50 million in the recent BadgerDao hack which ended up losing $120 million worth of wrapped BTC as we reproted recently in our altcoin news.

The on-chain data suggests that the biggest victim from the hack was a wallet that belonged to Celsius Network, a well-known crypto lending firm. It seems that the crypto lending company was affected heavily by the attack as Celsius Network lost million worth of wrapped bitcoin.
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The reports show how the hackers managed to steal around $120 million from BadgerDAo which is a decentralized autonomous organization that allows users to put Bitcoin as collateral across Defi applications.

https://t.co/lZwmUpbgg0 front end/dns was hacked.

User is sneaking in approvals in between legit deposit and reward transactions. He has been stealing funds for approx 12 days so far. Exploit is still live.

short $BADGER to namek

🚨 insider rug alert 🚨 🧸🎯

— napgener 0xBearMarket (@napgener) December 2, 2021

The attacker compromised the DAO’s front end and the team Is now working to investigate the exploit with the help of blockchain forensic experts from Chainalysis. A few users were complaining about getting a few unusual requests for additional permissions in their accounts so the attackers managed to add a script to the frontend which tricked users to provide access to the hacker and drain their wallets. Engineers from BridgerDao suspended all smart contracts to prevent more withdrawals while the analysts from Chainalysis continues with the investigation of the incident. The amount stolen was estimated to be around $100 million but the latest data shows that the total losses reached $120 million.

How Celsius lost $50,000,000 today and why wannabe bankers are easy prey to the crypto-savvy. Should investors & users be weary?
TLDR: Celsius banked on BadgerDAO, which was just hacked for $120m and it was the biggest loser. 1/x*n

— BigTimeCali | EGLD $2k | BTC ^ (@BigTimeCali) December 2, 2021

The hack came shortly after Monox, a Defi finance protocol was compromised over $30 million at the end of November. There’s also one address that lost 896 wrapped bitcoin or $51 million which made it the biggest victim from the hack. The on-chain data from Etherscan suggests the address started with 0x534 could be linked to Celsius Network as it already transacted with other wallets that were owned by the lending company and one of them was tagged as Celsius Network Wallet 5. In a Twitter thread, one user by the name BigTimeCali shared a few transactions made by the wallet which added that Celsius deleted more comments related to the hack on the Reddit page. The address holder is a large whale that makes huge transactions and operates with a wallet with over $67 million and $40 million of which were held in a celsius native token CEL. This was not conclusive, it strongly suggests that Celsius is behind the wallet however the lending company refused to make any statements.