DODO Exchange is Latest Victim of DeFi Hack

On March 8, the popular decentralized exchange, DODO Exchange lost $2 million to hackers. The hackers were able to exploit its crowdpools during the operation.

On Twitter, DODO explained that the exploit only targeted V2 Crowdpools: WSZO, WCRES, ETHA, and FUSI. While the larger ratio of its liquidity in V1 and V2 pools remains secured and untouched. This means that the hackers were only able to access pools created by users.

The decentralized exchange has stopped its users from pool creation in the other to avoid unforeseen attacks and also as a a means of protecting newly created crowd pools. The exchange will then focus on how to recover user’s funds. Available data on Etherscan has shown that the hackers were able to steal $2.1 million; $900,000 in WCRES and $1.15 million in USDT.

According to Jerry Zhou, who is a major investor in the exchange said that “I can understand some investors and crowdpooling projects feel frustrated about DODO, but you should know the road is never smooth.” Before adding that “as far as I know, they have made significant progress in recovering the funds. I believe they will show a good result in the end.”

DODO’s hack also ranks low in DeFi space when compared to other recent hacks like that of Meerkat Finance and Furucombo Protocol hack. The former was hacked of $31 million while the latter had $14 million stolen.

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