MonoSwap suffers hack, urges users to withdraw funds

Yield farming protocol MonoSwap has suffered a significant attack after a rogue venture capitalist loaded malware onto a developer’s technology.

The yield-focused decentralized exchange has urged users not to add liquidity to their pools or place stocks until further notice. Those with funds that have placed stocks should withdraw immediately to avoid potential losses.

🚨 WARNING: MonoSwap has been hacked. Do not add liquidity or stake to our farming pools at this time.

If you have invested in any position, please withdraw immediately to avoid losing money.

Yesterday one of our developers installed a phishing app to engage in conversation with scammers…

— MonoSwap (@monoswapio) July 24, 2024

The breach occurred after a MonoSwap developer installed a malicious application during a conversation with a scammer posing as a venture capitalist.

This phishing campaign allowed attackers to access wallets and contracts related to MonoSwap, resulting in the withdrawal of most of the deposited liquidity.

The team is currently investigating the incident and will provide an update soon.

“We are planning refund options. The team will do everything they can to recover the hacked funds,” the company wrote on X.

What is MonoSwap?

MonoSwap is a DEX and Launchpad integrated within the robust Blast framework.

The MonoSwap platform is known for its highly efficient and customizable protocol that offers unique capabilities for creators and users and supports adaptable liquidity. Compared to traditional DEX designs, MonoSwap prioritizes composability, thereby redefining decentralized financial solutions.