In a shocking turn of events, MonoSwap, a popular decentralized exchange and staking platform, has announced that it suffered a significant hack on July 23, 2024. The platform has urged its users not to deposit any new funds or open new positions as the future of MonoSwap remains uncertain.
Immediate Action Required
MonoSwap’s team has issued a stark warning to its users, advising them to withdraw their funds from the platform immediately to prevent potential losses. The platform also cautioned users against interacting with a malicious link that has been circulating, identified as part of the hack.
The Hack
The security breach occurred when one of MonoSwap’s developers inadvertently installed a phishing application. The developer was deceived into a call with scammers posing as venture capitalists. During this call, the attackers managed to install malicious software on the developer’s computer. This computer reportedly had access to all of MonoSwap’s wallets and contracts, enabling the hackers to withdraw most of the staked liquidity from the platform.
MonoSwap is currently investigating the incident. In a statement, the platform expressed its commitment to resolving the issue: “Unfortunate things happened and now we are trying our best to solve this issue. We are working with venture capitalists to build a better future for MonoSwap.”
MonoSwap’s documentation had previously emphasized its security measures, claiming that its smart contracts were developed by seasoned professionals and promising forthcoming audits. However, a page labeled ‘Audits’ showed it was last updated six months ago with a note stating “Coming soon.”
Further complicating the situation is confusion surrounding MonoSwap’s governance token, xMONO. While described as a governance token, there appears to be no current mechanism for token holders to engage in governance, raising questions about the token’s utility and the platform’s maturity.