Celsius Network Loses Money In The BadgerDAO DeFi Hack

It’s been just revealed that the crypto lending company Celsius Network CEO Alex Mashinsky confirmed in a live stream that the company lost funds in the BadgerDAO hack earlier this week.

“We are working with Badger to recover all those funds. We are collaborating with them on the investigation,” Mashinksy said.

The CEO continued and said the following:

“I want to make sure every Celsius user understands, when things like this happen, we are the ones who lose, you don’t lose because it’s our job to recover the funds, it’s our job to work with these funds, to select good projects versus bad projects and everything else.”

It’s been revealed that the Celsius Network may have lost around $50 million following this recent exploit.

The Block Crypto noted that the BadgerDAO exploit was a front-end attack where attackers managed to take control of the main website.

It’s been also reported that when users wanted to make transactions, the attacker changed the nature of the transactions to steal the funds. The protocol reportedly lost about $120 million. 

The crypto market today

Following a recent significant Bitcoin correction, the crypto market is slowly recovering. At the moment of writing this article, BTC is trading in the green, and the king coin is priced above $49k.

It’s also been reported that looking at long-term time frames, Bitcoin has not invalidated its overall bull trend, according to Tone Vays.

“We’re still in a general bull market here. We’re not really in danger of going into a bear market so we shouldn’t be shorting at any time during a bull market… the weekly chart is looking good on a long-term moving average, so let’s make sure we hold this moving average.”

Despite the recent market corrections, Bitcoin remains surrounded by all kinds of bullish predictions. Also, it’s worth noting that the BTC accumulation phase continues.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.