Did Celsius Network Lose $51M in BadgerDAO’s Hack?

The investigations into the hack are still ongoing. Read the full article by: Stefan Stankovic and Chris Williams

Key Points:

• Another Defi protocol has been hacked and this time it was one of the more popular DAOs at the moment, Badger DAO. Badger allows users to lend Wrapped BTC in an effort to bring smart contract capabilities to BTC holders. They were one of the firsts to successfully start a protocol where you could lend and borrow BTC in a decentralized manner.

• They were hit for over $120 million and there is speculation that Celisus Network was one of the biggest losers in the whole situation. A wallet closely linked to Celsius lost a total of 896 Wrapped BTC worth $51 million.

• Celsius is one of the bigger lending platforms in crypto right now and taking a hit like could effect many more users than just those on Badger. CEO Alex Mashinsky has not yet responded to the situation but it is still just speculation on whether they were even a part of it.

• DAOs are quickly becoming more and more popular as people start to understand the technology and use case but as with anything new in crypto, especially Defi, there is always risk of exploit.