Hackers have stolen crypto tokens worth $120 million from the Blockchain-based decentralized finance (DeFi) platform BadgerDAO. Several crypto wallets were drained before the platform could stop the cyber attack.

In a tweet, Badger said it has received reports of unauthorized withdrawals of user funds.

“As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals. Our investigation is ongoing and we will release further information as soon as possible,” the company said late on Thursday.

According to the blockchain security and data analytics Peckshield, the various tokens stolen in the attack are worth about $120 million, reports The Verge.

According to reports, someone inserted a malicious script in the user interface (UI) of their website.

Badger has retained data forensics experts Chainalysis to explore the full scale of the incident and authorities in both the US and Canada have been informed.

“Badger is cooperating fully with external investigations as well as proceeding with its own,” it said.

DeFi is a collective term for financial products and services that are open, decentralized, and accessible to anyone. DeFi products open up financial services to anyone with an internet connection and they are largely owned and maintained by their users.

While the attack didn’t reveal specific flaws within Blockchain tech itself, it managed to exploit the older “web 2.0” technology that most users need to use to perform transactions, according to reports.

Sign up for Newsletters

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Showcase your brand this holiday season

Place your brand on TechGenyz with sponsored content, display ad, newsletter, product review, and more that will give more trust to your prospects, boost website traffic and increase conversions. Avail discount up to 55%. Join thousands of businesses and start growing your business.

Claim the Offer