Hedgey Finance Exploited for Nearly $45M as Token Infra Protocol Offers Refunds

The platform was exploited for $42.8 million on Arbitrum and an additional $1.9 million on Ethereum for a total of $44.7 million.
Image source: Hedgey

Quick take:

  • Hedgey has since urged users to revoke all transaction approvals.
  • The on-chain token infrastructure platform has also launched a refund campaign for those affected by the attack.
  • Investigations are still ongoing with auditors to understand what happened, Hedgey wrote on X.

Hedgey Finance, the on-chain token infrastructure protocol on Arbitrum has been exploited for nearly $45 million, real-time crypto security alerts platform Cyvers Alerts revealed via a post on X on Friday.

According to Cyvers, its platform detected multiple transactions by a suspicious address on Arbitrum worth $42.8 million of ARB tokens.

Source: Cyvers Alerts

At the time of posting, the attacker had already deposited some of the crypto on the Bybit crypto exchange platform.

Source: Cyvers Alerts

The platform had earlier been hacked for $1.9 million in crypto on the Ethereum network, with the address funded by token exchange platform, ChangeNow. 

Source: Cyvers Alerts

Hedgey has since confirmed the attack, urging users to revoke all approvals while its team investigates the event.

In a security alert statement posted just hours after the first post by Cyvers, Hedgey Finance said the team was “investigating an attack on the Hedgey Token Claim Contract,” urging those who had created active claims to cancel them using the “End Token Claim” button.

“We are actively working with our auditors and team to understand the attack and stop any ongoing attack. We will share more information as we learn more,” Hedgey wrote.

The company has also warned users of clicking any links posted under the thread on X, citing potential scam accounts that might impersonate it.

The company has also started a refund campaign to compensate those who were affected by the attack.

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