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BadgerDAO Reveals Details of How It Was Hacked for $120M
The DeFi platform said an application platform that runs on its cloud network was the vector for the attack.
By Nelson Wang
Updated May 11, 2023, 5:47 p.m. Published Dec 10, 2021, 11:25 p.m.
In a blog post this week, decentralized finance platform BadgerDAO provided details of how it was exploited for $120 million earlier this month.
- BadgerDAO said a phishing incident that occurred on Dec. 2 was caused by “a maliciously injected snippet” from Cloudflare, an application platform that runs on Badger’s cloud network.
- The hacker used a compromised API key that was created without the knowledge or authorization of Badger engineers to periodically inject the malicious code that affected a subset of its customers.
- The hacker ultimately stole $130 million in funds, but approximately $9 million of that was recoverable since those funds were transferred by the hacker but not yet withdrawn from Badger’s vaults.
- Badger has since patched the Cloudflare exploit, updated Cloudfare’s account password and deleted or freshened API keys where possible.
- Badger hired cybersecurity firm Mandiant and blockchain analysis firm Chainalysis to investigate the exploit, and is working with both companies, as well as authorities in the U.S. and Canada, to recover any funds possible.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Brazil’s Largest Asset Manager Recommends Investors Put Up to 3% of their Money in Bitcoin to Hedge Against FX, Market Shocks
The recommendation is in line with other global asset managers like BlackRock and Bank of America suggesting small portfolio allocations to the largest cryptocurrency.
What to know:
- Itaú Asset Management recommends Brazilian investors allocate 1-3% of portfolios to bitcoin for diversification, citing its low correlation with traditional assets.
- The recommendation is a measured approach, suggesting a small, steady exposure to bitcoin as a complementary asset.
- In a year-end analyst’s note, the firm called for a disciplined, long-term mindset, warning against market timing and suggesting that a small allocation can act as a partial hedge and offer access to global returns.
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