A bug in smart contracts allows a hacker to steal $31 million in cryptocurrencies.

New large-scale hack on the blockchain. The hacker managed to steal the equivalent of $31 million.

One of the problems with digital currencies like cryptocurrencies is that they are online and digital – unless you store them in a cold offline wallet -. This means that just like any other online platform or service, it can be hacked and money stolen. This was the case recently with blockchain startup MonoX Finance.

New large-scale hack on the blockchain

The company reported last week that a hacker managed to steal at least $31 million in cryptocurrencies after exploiting a bug in software used to write smart contracts. According to the company, the software in question had an accounting bug that allowed the hacker to artificially inflate the price of his MONO token and use it to withdraw money from other tokens.

So with this flaw, our hacker was able to steal the equivalent of 31 million tokens on the Ethereum and Polygon blockchains.

The hacker managed to steal the equivalent of $31 million.

According to a statement from the company, “Rest assured that addressing this shortcoming is our number one priority, as is knowing how we can restore what has been lost to our community. The compensation plan will be communicated shortly. And it goes without saying that we won’t consider any reallocations until we’ve done a very thorough audit.”

MonoX Finance also explains that they attempted to contact said hacker, most likely in the hope of recovering the stolen tokens, but the outcome of this contact is unknown to us at this time. Either way, we hope this ends well for the platform and customers.