The platform suffered two parallel attacks on Arbitrum and Ethereum. <\/p>\n
It looks like Hedgey Finance didn\u2019t hedge itself.<\/p>\n
DeFi platform Hedgey Finance suffered two attacks early Friday, resulting in $44 million of losses. One attack took place on Arbitrum<\/a>, where $42.8 million worth of ARB tokens were drained, while the second occurred on Ethereum and saw $1.9 million stolen.<\/p>\n Users and the Hedgey Finance team were alerted<\/a> to the first attack by cybersecurity firm Cyvers Alerts. According to the company, attackers initially stole $1.9 million in ETH, swapping it later to DAI.<\/p>\n Cyvers Alerts also posted that the attacker was funded<\/a> by Change Now, a non-custodial crypto exchange.<\/p>\n Less than two hours later, the Hedgey Finance team acknowledged<\/a> the attack and requested users to cancel any active claims on their platform.<\/p>\n \u201cSecurity Alert: We’re investigating an attack on the Hedgey Token Claim Contract,\u201d reads a post by the Hedgey Finance social media team. \u201cIf you have created active claims, please cancel them using the “End Token Claim” button on the website<\/a>.\u201d<\/p>\n A number of protocols were affected, including<\/a> the Decentralized Science (DeSci) project Noble Blocks, which had a vesting contract with Hedgey.<\/p>\n Hedgey Finance helps teams create and manage on-chain token vesting, lockups, and claim portals. According to its X profile, it works with Celo, Gitcoin, Arbitrum, and other crypto projects.<\/p>\n