Mozaic Finance Suffers Over $2M Exploit; Stolen Funds Transferred to MEXC
Summary:
Mozaic Finance, a yield farming protocol, experienced an exploit on the Abitrum network on March 15, allegedly losing over $2 million. The stolen funds were reportedly transferred to the centralized cryptocurrency exchange MEXC. Blockchain security firm CertiK revealed the exploit involved manipulating a contract designed for a developer's access only. Despite the setback, the team behind Mozaic Finance remains hopeful that the funds will be recovered through legal means.
On March 15, the yield farming platform Mozaic Finance suffered an exploit on the Abitrum network, as announced by their tech team. The cybercriminal responsible for the attack has reportedly transferred all pilfered assets to MEXC, a centralized cryptocurrency exchange. The team is hopeful about the recovery of the stolen funds. Mozaic Finance, functioning on multiple blockchain networks, is a decentralized finance and yield-optimization platform. It asserts that it leverages artificial intelligence (AI) for maximizing investor returns.
The blockchain security organization CertiK issued a warning about the exploit. A report shared with Cointelegraph by CertiK stated that the hacker drained funds through a contract named “bridgeViaLifi”, which can only be called from a developer's wallet. The report concluded that a private key compromise likely led to this incident.
Analysis of the blockchain data reveals an account ending with 50eb invoked this function at 6:08 am UTC. This resulted in 27 token transactions, each transferring large sums of stablecoins between different accounts, with some tokens ending up in the calling account. According to CertiK, the total losses are estimated at over $2 million.
Blockchain technology users continue to be troubled by hacks and exploits. For example, Unizen, a decentralized finance protocol, lost over $2 million on March 9 due to an external call vulnerability and committed to instant victim compensation. Similarly, lending app Seneca Finance suffered a significant exploit on Feb. 29, losing over $6 million.
In a post on Discord on March 15, Mozaic's team voiced their optimism about a potential recovery of the dwindling funds through formal legal proceedings since the stolen assets were deposited in a regulated exchange.
Published At
3/15/2024 11:57:47 PM
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