Celsius Network reportedly lost $50M during the $120M BadgerDAO hack

On-chain data has revealed that the BadgerDAO hack resulted in a $50M loss for the Celsius network. This means that Celsius, a crypto lending firm, was the largest victim of the hack.

The $55M loss suffered by Celsius Network was in Wrapped Bitcoin (wBTC).

Hacker stole $120M worth of wBTC

BadgerDAO suffered a major hack where around $120M was stolen from the decentralized autonomous organization. BadgerDAO is a protocol that allows users to use Bitcoin as collateral for DeFi applications.

The hacker exploited the DAO’s front end, leading to notable losses. Investigations on this hack are still ongoing with the assistance of analytics experts from Chainalysis.

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The details of this hack started after several users started complaining about getting requests to set up additional permissions in their accounts. The hacker also added a feature that tricked users into giving access to the hacker, which later allowed them to drain funds from wallets.

Since the hack, developers on the protocol have halted all smart contracts to prevent withdrawals as investigations continue. New data from PeckShield, a blockchain security firm, shows that the total losses from this hack came to $120 million.

The recent hack on BadgerDAO also comes after MonoX, a DeFi network, was compromised for more than $30 million on November 30.

Celsius Network suffered the most

The details further show one address that lost around $51M worth of wrapped Bitcoin. This wallet address was the largest victim of this hack. Moreover, on-chain data from Etherscan shows that this wallet address belongs to Celsius Network. The wallet had previously interacted with other wallets believed to belong to Celsius Network.

Screenshots shared on Twitter also prove that the wallet belonged to Celsius Network because of the transaction details. A Twitter user further stated that Celsius had deleted any comments concerning the hack from its Reddit page.

Moreover, the address owner appears to be a whale that makes seven-figure transactions. The wallet also interacts with another with more than $67M or $40M worth of CEL, the native token for the Celsius Network.

However, Celsius Network has yet to issue any formal statement to confirm that the hack had indeed affected its wallet address.

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