{"id":323151,"date":"2021-08-12T18:42:02","date_gmt":"2021-08-12T15:42:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dao-maker-crowdfunding-platform-loses-7m-in-latest-defi-exploit\/"},"modified":"2021-08-12T18:42:02","modified_gmt":"2021-08-12T15:42:02","slug":"dao-maker-crowdfunding-platform-loses-7m-in-latest-defi-exploit","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dao-maker-crowdfunding-platform-loses-7m-in-latest-defi-exploit\/","title":{"rendered":"# DAO Maker crowdfunding platform loses $7M in latest DeFi exploit"},"content":{"rendered":"

“# DAO Maker crowdfunding platform loses $7M in latest DeFi exploit <\/strong>”
\n<\/p>\n

Hackers have stolen funds out of more than 5,000 user accounts with crowdfunding platform DAO Maker, a site aimed at raising money for crypto projects.<\/p>\n

According to a report from DAO Maker CEO Christoph Zaknun, hackers were able to remove<\/a> roughly $7 million in USD Coin (USDC) from 5,251 user accounts at app<\/a>roximately 1:00 am UTC today. The platform said the attacker used a smart contract exploit to initially steal 10,000 USDC, then made 15 more transactions to acquire additional funds.<\/p>\n

“One of the reasons why this did happen is probably that the amount of deposits within the [Strong Holder Offering] contract really exceeded our expectations,”\u00a0said<\/a> Zaknun in an AMA on Twitch. “Initially, we never expected more than $2.5 million to be deposited in there, but over time, the SHOs became very popular.”<\/p>\n

DAO Maker claimed users with up to $900 in their accounts \u201chave remained completely unaffected,\u201d with the platform moving the funds into different wallets. However, the project said it would be suspending all deposits pending a full Root Cause Analysis.<\/p>\n

Blockchain intelligence firm CipherBlade is conducting an investigation into the hack and has identified a Binance account associated with the attacker. The platform also said it would be exploring compensation for all affected users.<\/p>\n

Despite the name, DAO Maker has no apparent connection to MakerDAO, the decentralized finance, or DeFi, protocol behind the stablecoin Dai (DAI). <\/p>\n

The attack on the crowdfunding platform comes following one of the largest hacks in the DeFi space. This week, an unknown person used an exploit on cross-chain protocol Poly Network to remove at least $600 million from three chains. <\/p>\n

Related: <\/em><\/strong>Poly Network hacker returns less than 1% of the $600M theft <\/em><\/strong><\/p>\n

In a bizarre twist, the hacker has since returned $258 million of the funds and spoken with Poly Network users directly in a Wednesday AMA using embedded messages in Ethereum transactions. They seemed to have not had a plan to transfer the funds after successfully stealing them, and claimed to do the hack \u201cfor fun\u201d because \u201ccross-chain hacking is hot.\u201d <\/p>\n