News View Non-AMP

Latest Security Breach hits Arbitrum; Hedgey Finance Loses $1.9 Million in Hacker Attack

Published by
Elena R

The crypto market has suffered yet again, due to a recent exploitation on the ARB chain and a big hack on the Hedgey Finance token claim contract that resulted in a huge financial loss for the protocol.

Attacker Steals Over $40 million in Tokens

A web3 security firm, cyvers, flagged the hack and revealed that the attack on the ARB platform was arranged by a suspicious address – 0xc7241e27ee4b8d32b59a10e848b48530047a8c5b, as a result of which the sum of $42.8 million in tokens was withdrawn. 

Despite numerous attempts to appeal for assistance from the targeted victims, their plea has never been acknowledged, and it seems unresolved. The attacker has already made a substantial deposit, including 200,000 $BONUS tokens and $110,000 to Bybit_Official, which clearly shows one attack involving different cryptocurrency networks from different kinds of exchanges.

Also Check Out : DeFi Hacker Exposed?! Analyst Investigates $11 Million PrismaFi Exploit

Earlier Hedgey’s Finance led to a loss of almost $1.9 million. The attacker, whose financing source has been linked to ChangeNOW_io, immediately changed the stolen funds to DAI and sent them to an externally owned account.

Response by the team

After the acknowledgement of the breach, the team came out with an urgent alert and notified their users to revoke all permissions for the case and also informed them on how to make their accounts safer to avoid future losses. 

The platform of Hedgey Finance has also provided specific procedures for initiative cancellation as well; this prompts all the market participants to take drastic action immediately to avoid any more losses.

The affected platform is currently working to determine the nature of the hacking and the way of mitigating it with the help of cybersecurity experts and auditors. They are open and communicating with users continues to be their focus area to build consensuses and protect assets.

This Might Interests You : SHOCKING: Spider-Man Star Tom Holland’s X Account Hacked

These incidents show that the DeFi industry is not yet entirely safe and steady efforts should be put against complex online threats that are necessary in the digital crypto arena.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

CME Group to Launch XRP Futures on May 19

CME Group has announced plans to launch XRP futures on May 19, pending regulatory approval.…

April 24, 2025

Coinbase Joins Forces with PayPal to Boost PYUSD Adoption

Coinbase has expanded its partnership with PayPal to help drive adoption of the PayPal USD…

April 24, 2025

Ethereum’s 2025 Crash Wipes Out All 2024 Gains: What Happened?

The crypto market took a hit in early 2025 in contrast to the late 2024…

April 24, 2025

Ripple XRP Price Prediction 2025, 2026-2030: Will XRP Reach $5?

Story Highlights The XRP Price LIVE: . The price could hit a high of $3.99…

April 24, 2025

This Could Be the Only Crypto at $0.025 Worth Buying Before Altseason Begins

With altseason getting closer and big players positioning early, Mutuum Finance (MUTM) is becoming harder…

April 24, 2025

XRP and Bitcoin Price Prediction

Crypto markets dipped on Thursday as traders locked profits after a recent rally. While Bitcoin…

April 24, 2025