Multi-Chain Lending Protocol 0VIX Hacked On Polygon POS

A major security breach occurred on the multi-chain lending protocol 0VIX on Polygon POS, resulting in a loss of approximately $2 million worth of assets. The hacker, identified as 0x70…A970, was able to bridge the stolen funds to Ethereum and converted them into 1,070 ETH, according to transaction records on PolygonScan.

0VIX Hack

The protocol’s team acknowledged the incident and has urged all users to withdraw their funds as soon as possible to prevent further losses. They also revealed that they are currently conducting an investigation into the incident and are working closely with Polygon’s security team to identify the root cause of the hack.

The stolen assets include 1.45 million USDC, 58.4k USDT, and 9.5k GHST. The loss of these assets has caused significant concern among users and the DeFi community as a whole. Many users have taken to social media to express their frustration with the incident, with some even questioning the protocol’s security measures.

 

Security Flaws

This incident highlights the risks associated with DeFi protocols and the need for robust security measures to protect user assets. While the DeFi space has seen tremendous growth in recent years, it has also become a prime target for hackers and malicious actors seeking to exploit vulnerabilities in these protocols.

In response to the incident, the 0VIX team has stated that they will be implementing additional security measures to prevent future hacks. These measures include conducting a thorough review of the protocol’s smart contract code and implementing additional auditing and monitoring tools.

Despite the unfortunate incident, the DeFi community remains resilient, and many users have expressed their confidence in the protocol’s team to address the issue and implement necessary changes to prevent future hacks. As the DeFi space continues to grow and mature, it is crucial that security remains a top priority to ensure the safety and security of user assets.