Category: Forex News

$2M DeFi Funds Siphoned to MEXC

By Published On: March 16, 20240.9 min readViews: 1850 Comments on $2M DeFi Funds Siphoned to MEXC

On March 15, Mozaic Finance, a decentralized finance (DeFi) protocol operating on the Arbitrum network, fell victim to an exploit, as confirmed by the project’s development team. The attacker utilized a vulnerability to siphon funds, transferring them to the centralized exchange MEXC. The team remains optimistic about fund recovery through legal channels.

CertiK’s report highlighted that the attacker compromised a private key to access the bridgeViaLifi contract, allowing unauthorized transfers of funds. Blockchain data revealed a transfer of stablecoins, with over $2 million redirected to various accounts. Mozaic Finance developers expressed confidence in the potential recovery of the stolen funds, as they have been deposited into the centralized exchange MEXC.

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The Mozaic Finance incident follows recent DeFi exploits, including Unizen’s loss of $2 million due to external vulnerabilities and Seneca Finance’s $6 million exploit. Despite ongoing efforts to enhance security measures, the frequency of such incidents emphasizes the persistent risks within the DeFi sector. The Mozaic team aims to pursue legal avenues for fund recovery.

Also read:

DeFi Protocol Blueberry Pause Lending Amid Mystery Exploit

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