- A major breach occurred on the yield farming protocol MonoSwap when a fictitious venture capitalist infected a developer’s computer with malware.
Users were advised by the yield-driven decentralized exchange to hold off on adding liquidity or making any stakes in its pools until later. To prevent any losses, those who have staked money should take their money out right away.
After installing a malicious program while on the phone with a con artist acting as a venture capitalist, a MonoSwap engineer caused the breach.
Attackers were able to access wallets and contracts connected to MonoSwap through this phishing app, which led to the removal of the majority of staked liquidity.
The group is looking into the situation right now and will release more information soon.
The refund options are being planned. The corporation said on X that the team will make every effort to retrieve the cash that were stolen.
How does MonoSwap work?
A DEX and Launchpad combined within the sturdy Blast framework is called MonoSwap.
The extremely effective and configurable protocol of the MonoSwap platform is well-known for providing builders and users with special capabilities and promoting flexible liquidity. MonoSwap redefines decentralized financial solutions by giving composability a higher priority than in typical DEX designs.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
