$31 million stolen from MonoX on Polygon and Ethereum in latest DeFi hack

Hacks • November 30, 2021, 9:08AM EST
UPDATED: November 30, 2021, 10:35AM EST
The Block

Around $31 million in a variety of cryptocurrencies has been stolen from MonoX in a DeFi hack.

MonoX is a DeFi platform that offers liquidity pools, where traders can place their tokens and receive tokens in return for providing liquidity.

The funds stolen included $18.2 million in wrapped ether (WETH) and $10.5 million in polygon (MATIC). Other tokens taken were WBTC, LINK, GHST, DUCK, MIM and IMX.

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MonoX explained that price of MONO tokens were artificially boosted, enabling the attacker to use the tokens to purchase the other assets in the pools at much cheaper rates.

"First, we want to extend immediate, sincerest apologies toward the incident and we assure you our entire team and partners are all working on this right now. Security of users' funds is of utmost importance to us and we have had multiple security audits and a security advisor firm that work with us on an an ongoing basis. However, unfortunately, we were still exploited," said MonoX in a statement.

The funds were stolen across two blockchains, Ethereum and Polygon. Polygon, formerly Matic, is a proof-of-stake blockchain that helps to take some of the load off the Ethereum blockchain.

This story has been updated with comments from MonoX.

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Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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