Infrastructure Protocol Hedgey Incurs $45 Million Loss in Cyberattack

Friday, 19 April 2024, 13:30

Hedgey Finance, a key infrastructure protocol, experiences a significant financial blow of around $45 million in a cyberattack. The breach, utilizing the 'createLockedCampaign' function, took place across Ethereum Arbitrum and Binance Smart Chain, highlighting vulnerabilities in DeFi systems. The incident signifies the need for stronger security measures and real-time monitoring in the digital asset space.
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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.


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