Chinese DODO DEX exchange has reported a hack attack in which a number of its liquidity pools were affected.
March 9, 2021 | AtoZ Markets – The Chinese-based DODO automated market maker has reported that hackers have broken into several of its version 2 crowdpools on March 8. The project team confirmed that the WSZO, WCRES, ETHA, and FUSI pools were affected, and the funds withdrawn from the AC pool were returned.
According to the DeFi Prime service, the attackers withdrew $2.1 million from the protocol.
⚠️DODO DEX exploited ⚠️
— defiprime (@defiprime) March 9, 2021
$2.1M drained
h/t @Luciano_vPEPO https://t.co/Am1SS8zFPo
Version 1 pools not affected
DODO added that funds in all other pools, including all V1s and all V2 pools except Crowdpool, are safe;
“As a precaution, we have temporarily disabled the DODO Pooling Portal. We are now working with our security partner to try to get the money back. We will keep you informed. "
Little is known about the DODO DEX hack at the time of writing. No details yet.
PSA Regarding Recent Exploit on DODO
— DODO DEX (@BreederDodo) March 9, 2021
On March 8, Several DODO V2 Crowdpools were attacked. WSZO, WCRES, ETHA, and FUSI pools were impacted, while AC pool funds have been fully recovered.
Funds in all other pools, including all V1 pools and all non-Crowdpool V2 pools, are safe.
Jerry Zhou, the Managing Partner at Puzzle Ventures, said he has full confidence in the DODO team and its ability to recover funds.
“Some investors and crowdpool projects are disappointed with DODO, I can understand them. But one must understand that the road is not always smooth. As far as I know, they have made significant progress in restoring funds. I believe that in the end they will show a good result. "
Several hacks have occurred in the DeFi industry since the beginning of the year, including a Saddle Finance hack on the day the project was launched. Furucombo, a decentralized crypto exchange, lost $ 15 million in February, and the PAID Network was also hacked on March 5.
DODO price outlook
The native token of the cryptocurrency exchange has not yet suffered. The coin is trading at $4, down 2.5% daily.
Over the past week, the token has fallen in price by 7%, but it is still 150% higher in monthly terms. The token reached an all-time high on February 20 at $8.
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