Token infrastructure platform Hedgey Finance lost approximately $44.5 million of digital assets within two hours across Ethereum’s layer-2 network Arbitrum and Binance Smart Chain.
In an April 19 statement shared with CryptoSlate, blockchain security firm Cyvers explained that a malicious attacker exploited Hedgey’s “createLockedCampaign” function using flash-loaned funds to siphon off the funds.
A breakdown of the theft showed that the attacker initially stole $1.9 million, which was immediately swapped to the DAI stablecoin and transferred to an external address.
Subsequently, the attacker later executed the same vulnerability on the Arbitrum chain to steal $42.8 million after receiving funding on the ETH Chain via FixedFloat.
Cyvers stated that “despite detection by Cyvers, attempts to reach Hedgey Finance’s team were unsuccessful” and suggested more open collaboration between dApps and security firms is important to “mitigate risks and rebuild trust.”
Following th
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