MonoSwap Hacked: Users to Withdraw Funds Now, Avoid Phishing Links
Through the connection, the scammers downloaded a malicious botnet onto the developer's office computer which could access every wallet and contract on the platform.
MonoSwap, a popular staking platform and DEX announced on July 24 that it was a victim of a cyber attack, and also advised users to withdraw existing stakes and not deposit more funds.
As outlined in a post on X to its users, "ALERT: MonoSwap has been hacked. DO NOT add liquidity or stake in our farming pools at the moment. If you have any staked positions, please withdraw immediately to avoid funds loss," stated the staking platform.
In addition, MonoSwap further warned its users to avoid engaging with the hackers' links prompting them to download an app which the platform confirmed to be for phishing allowing the hackers to perpetrate other malicious intents.
Details of the Hack and Developer's Error
As stated in the post, the hackers infiltrated the platform on July 23 when one of its developers unknowingly downloaded and installed a phishing app. Notably, the app was meant to connect the developer to supposed "venture capitalists" (VCs) who were masquerading hackers.
Through this connection, the scammers downloaded a malicious botnet onto the developer's office computer which could access every wallet and contract on the platform.
Through this window, the hackers withdrew most of the liquidity staked on the platform, the total cost of which is yet to be determined.
Response and Public Reaction
MonoSwap has begun probing the incident while trying to figure out the next course of action, "We are investigating the attack right now and will soon announce the next moves. We were trying to work with VCs to build a better future for MonoSwap. However, unfortunate things happened and now we are trying our best to solve this issue," stated the platform in the post.
While further updates are awaited on the incident, there is some public outcry about the hackers' mode of access into MonoSwap wallets criticising the developer for "falling for this popular trick."
Meanwhile, the rate of crypto scams is rising with several hundreds of million-dollar hacks severely impacting the global crypto community.