Recently, the decentralized exchange (DEX) system known as CoW Swap was hacked, resulting in the loss of at least 550 BNB (BNB) due to a contract hack that allowed off-platform money transfers.

The occurrence was spotted by blockchain pollster MevRefund, which also noted that cash appeared to be migrating away from the CoW Swap exchange. In a Twitter thread, the maximum extractable value (MEV) finder sent out a warning to the DEX and users of the exchange about the vulnerability.

A wallet address was reportedly added as a CoW Swap “resolver” by using a multisig, as stated by company BlockSec, which audits smart contracts. The address then initiated the transaction to authorize DAI (DAI) to SwapGuard, which resulted in SwapGuard transferring DAI from the CoW Swap settlement contract to other addresses. SwapGuard transferred DAI to other addresses.

Blockchain security company PeckShield estimated that around 551 BNB, worth $181,600 at the time of writing, had been stolen. Following the theft of the assets, the hacker sent the money to the famous cryptocurrency mixer Tornado Cash.

During the assault, several community members had a moment of fear and advised other users to remove their DEX approvals. On the other hand, the protocol for decentralized finance (DeFi) said that this is not mandatory.

Research by DappRadar claims that despite the attacks that have occurred in connection with DeFi, the industry as a whole is off to a fruitful start in 2023. According to the data collected, the overall value of blocked procedures saw a considerable increase. . during the month of January.

In other developments, the United Nations has claimed that cybercriminals operating out of North Korea stole a greater amount of cryptocurrency in 2022 than in any previous year. According to the investigation’s findings, cybercriminals with ties to North Korea were responsible for the theft of crypto assets valued between $630 million and $1 billion in 2017.

Disclaimer: CoW Swap comments and official Twitter announcement were included in this post after it was edited.