MonoSwap, a yield farming protocol, has suffered a significant hack after a fake venture capitalist installed malware on a developer’s tech.
The yield-driven decentralized exchange urged users not to add liquidity or stake in its pools until further notice. Those with staked funds should withdraw immediately to avoid potential losses.
🚨 ALERT: MonoSwap has been hacked. DO NOT add liquidity or stake in our farming pools at the moment.
If you have any staked positions, please withdraw immediately to avoid funds loss.
Yesterday, one of our developers installed a phishing app to join a call with scammers who…
— MonoSwap (@monoswapio) July 24, 2024
The breach occurred after a MonoSwap developer installed a malicious application during a call with a scammer posing as a venture capitalist.
This phishing app allowed attackers to access MonoSwap-related wallets and contracts, resulting in the withdrawal of most staked liquidity.
The team is currently investigating the incident and will provide updates soon.
“We are planning the refund options. The team will try its best to recover the hacked funds,” the company posted on X.
What is MonoSwap?
MonoSwap is a DEX and Launchpad integrated into the robust Blast framework.
The MonoSwap platform is known for its highly efficient and customizable protocol, which offers unique capabilities for builders and users and fosters adaptable liquidity. Compared to traditional DEX designs, MonoSwap prioritizes composability, thus redefining decentralized financial solutions.