Infrastructure Protocol Hedgey Incurs $45 Million Loss in Cyberattack
Flash Loan Exploit Drains $44.5 Million
The cyberattack on Hedgey Finance resulted in the loss of approximately $45 million, as the hacker exploited the 'createLockedCampaign' function. Transactions using flash loans across various blockchains like Ethereum Arbitrum and Binance Smart Chain were used in the attack.
This breach revealed critical vulnerabilities within the DeFi sector, indicating the urgent need for improved security practices and proactive measures against such threats.
Security Measures and Collaboration
The incident underscores the importance of enhancing security protocols in the crypto industry. Collaborating with cybersecurity experts and implementing robust monitoring systems are crucial steps to safeguard digital assets from sophisticated cyber threats.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.