Organizer of DeFi convention Nexus Mutual gets hacked for $8M

December 14, 2020

defi strikes again yam protocol bug leads to 750000 loss

The convention is protected, yet its author lost his reserve of 6% of all tokens.


An obscure aggressor took $8 million from the individual wallet of Hugh Karp, the CEO of DeFi inclusion stage Nexus Mutual.


As per a revelation by Nexus Mutual, the assets were depleted on Monday morning UTC by bargaining Karp’s own gadget. The programmer allegedly figured out how to introduce an undermined variant of MetaMask that deceived Karp into marking an exchange that diverted all his NXM tokens to an aggressor controlled location.


The plunder adds up to 370,000 NXM, worth $8.2 million as of press time. The programmer previously started changing the tokens over to Ether (ETH), with an all out equilibrium of 354 ETH worth more than $200,000.


Image Courtesy : Pixabay

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