Hedgey Finance Hit by $45M Crypto Exploit on Ethereum, Arbitrum

Apr 19, 2024, 12:19 PM

Hedgey Finance, a cryptocurrency platform specializing in on-chain token infrastructure, has suffered a series of exploits resulting in substantial financial losses. The initial attack targeted its Ethereum operations, draining approximately $1.9 million through the abuse of the 'createLockedCampaign' function with flash-loaned money, affecting USDC, NOBL, and MASA tokens. Subsequent attacks extended to its Arbitrum operations, where approximately $42.8 million was siphoned off. The total losses from these security breaches have escalated to $45 million, as reported by Cyvers Alerts. CyversAlerts described the incident as a significant cybersecurity breach involving multiple transactions on the Arbitrum layer 2.