Users reported that their USDC balance had dropped to zero
Fundraising platform DAO Maker was attacked today by a hacker who stole more than $7 million from the platform. A security vulnerability allowed an unknown third party to transfer funds. As a result, several users on the Telegram group of DAO Maker reported that their USDC balance had dropped to zero this morning. The hacker had decided to convert the funds to 2,261.45 ETH and send them to an Ethereum wallet to prevent the funds from being blacklisted.The project said in its postmortem report that it wanted to reassure its investors that the vaults were safe and that the hack had had no negative impact on their business. By its own admission, no one has the ability to update the code or remove DAO from the vaults.
What exactly happened?
DAO Maker is fundraising for new crypto projects on Ethereum. The platform requires users to pre-fill their wallets with USDC tokens to avoid gas wars before crowd sales. Once allocated, the USDC are automatically deducted from the pre-funded account.According to analysts, the attacker was able to access the withdrawal features because the contract did not include sufficient security checks. They also pointed out that Etherscan did not verify the exploited contract. The lack of verification is usually considered a red flag and indicates that the team did a sloppy job in creating the contract.
The attack came shortly after the project's founders reported an increase in volume for their launchpad, DAO pad. The team also announced plans to issue fully regulated tokenized stocks. In the postmortem report, DAO Maker also stated that a total of 5,251 users were affected, with an average loss of $1,250 per user.
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