DAO Maker Crowdfunding Platform Hacked For $7 Million: Report

DAO Maker crowdfunding platform got hacked out of $7 million which saw some user accounts drained as we can see more in our latest cryptocurrency news today.

DAO Maker crowdfunding platform confirmed today that it lost about $7 million worth of funds in the attack. The company is working with crypto forensic company Cipher Blade and devised the action plan regarding the users’ funds and the next steps forward. DAO Maker is a crowdfunding crypto platform that offers public token sales for upstart projects which have been hacked and drained of about $7 million worth of funds overnight as the company announced.

As per the company, the attack was reported by Wu Blockchain saw a hacker tap into an exploit regarding one of the crypto wallets with administrator privileges. After it successfully used the exploit to steal 10,000 USDC dollar-pegged stablecoins the attacked proceed to complete 15 more transactions. Later, DAO Maker said that 5,251 users had their funds stolen from the platform right before the security team could address the exploit with $1250 lost per user. The company suggested the hacker focused on high-value accounts as the users with 0 or less worth of funds in their accounts were unaffected.
buy orlistat online https://littlehealthcare.com/wp-content/themes/twentynineteen/inc/new/orlistat.html no prescription

DAO Maker tapped blockchain forensics company Cipher Blade to aid the investigation to try and to identify the attacker and to reclaim the stolen funds. As per the post, Cipher Blade identified the account at crypto exchange Binance which was used in the attack and it I snow working with ETH block explorer and analytics platform Etherscan to determine more about the attack and the attacker. Crypto exchanges were provided some information on the wallet as well.

All deposits in the platform were deactivated as DAO Maker continues the investigation and the company will devise new solutions over the past few days regarding plans to alleviate the damages and bring the attacker to justice. The platform describes itself as a “social mining and community incubation” platform but it is a crowdfunding site for tokenized startups. Unlike the traditional crowdfunding platform like Indiegogo and Kickstarter, Dao Maker is governed by smart contracts and it is one of the many DAO-driven projects working to shake up the world of traditional venture capital funding for startups. CEO Christoph Zaknun said:

“We want to assure our investors and supporters—the vaults are safe and the hack has had no detrimental impact on our business. Absolutely no one, not even us, has the ability to upgrade the code or remove any DAO from the vaults. As a CEO, this has always been one of my core principles for DAO Maker.”