Over $180,000 Stolen by DeFi Exploiter from CoW Swap DEX

More than $180,000 was taken using the CoW Swap hack.
Fraudulent activity in CoW Swap has been occurring recently.
The hacker stole a significant amount of DAI, BNB, and ETH.

The relatively new decentralized exchange (DEX) known as the CoW Swap has been subject to some improper usage. The perpetrator of the crime made off with over $ 185,000 in cash.

The tweet indicates that CoWSwap’s GPv2Settlement contract was tricked into permitting SwapGuard for DAI spending around ten days ago. Following that, the attacker used the SwapGuard trigger to relocate the DAI outside of the GPv2Settlement. It has been said that the SwapGuard function lets any user who has logged in to the system call any function they want.

Fraudulent operations involving the transfer of cash from the CoW Swap environment, a decentralized cryptocurrency exchange, have been occurring recently. According to the most up-to-date information, just two wallet addresses are responsible for the circulation of about $123 thousand dollars worth of DAI, $50 thousand dollars worth of BNB, and $7,400 dollars’ worth of ETH.

It appears that the attacker was active recently. Customers of CoW, on the other hand, have voiced their dissatisfaction with the fact that similar circumstances still exist in the market and that there is fierce competition for the few resources that are still available.

The DeFi space has consistently been the major focus of assaults, and the current one is only the most recent one. In 2022, there were many incidents involving the theft of billions of dollars from the DeFi sector, and even more, of these incidents have taken place in 2023.

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.