A fake venture capitalist put malware on MonoSwap, a well-known yield farming protocol, which caused a major security breach. Users have been strongly asked by the decentralized exchange not to add cash or stake in its pools until further notice. Users who have staked funds are strongly advised to return it right away to avoid losing it.
A security hole was made when a MonoSwap developer loaded a bad app while on the phone with a con artist pretending to be a venture capitalist. Hackers were able to take most of the staked cash by getting into MonoSwap’s wallets and contracts through this phishing attack.
MonoSwap Announces Refund Plans
The MonoSwap team is looking into what happened and said they would let you know soon.MonoSwap said in a post on X (formerly Twitter), “We are planning the refund options.” The team will do everything they can to get back the funds that were taken.
MonoSwap works as a decentralized exchange (DEX) and starting point within the strong Blast system. People know the platform for its fast and flexible protocol, which gives makers and users special features and encourages flexible liquidity.
Instead of focusing on standard DEX designs, MonoSwap aims to change the way decentralized financial solutions work by focusing on composability.MonoSwap has been praised for its creative approach to decentralized finance, but the hacking event is a big setback for the company.
The team’s quick response and promise of refund choices show that they are taking steps to fix the problem and win back users’ trust. Users are told to stay alert and check MonoSwap for updates to protect their assets while the probe continues.
