Hackers steal $55m through Ethereum based DeFi network protocol hack

Cybersecurity Insiders has learnt that bZx, a crypto finance based company, was hacked recently to steal $55m worth of cryptocurrency and the company’s IT team is still wondering how the hacker made it into the Ethereum related network.

Prima facie has revealed that the hacker/s used a private key in the Defi( Decentralized Finance) protocol to transfer the currency from the company’s central repository and moved the funds to unnamed wallet/s that are hard to track on the blockchain.

DeFi is a kind of finance protocol that uses smart contracts on blockchains running without intermediaries. Mainly, such protocols are used to transfer Ether digital currency and, to a certain extent, Monero.

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