Mozaic Finance, a yield farming protocol, suffered an exploitation on March 15 on the Abitrum network, as confirmed by the protocol’s development team. The attacker reportedly deposited the stolen funds into the centralized crypto exchange MEXC, with the team expressing confidence in the funds’ eventual return.
Mozaic Finance operates as a decentralized finance and yield-optimization protocol across various blockchain networks. It claims to utilize artificial intelligence (AI) programs to maximize investor returns.
According to blockchain security firm CertiK, the exploit involved the attacker draining funds by calling the “bridgeViaLifi” contract, which is accessible only by a developer wallet. CertiK concluded that the incident likely resulted from a compromise of a private key.
Data from blockchain transactions indicates that the attacker made multiple token transfers, moving hundreds of thousands of dollars in stablecoins, resulting in total losses exceeding $2 million. The exploit highlights the ongoing challenges faced by blockchain users regarding security vulnerabilities.
The Mozaic Finance incident adds to a series of recent hacks and exploits within the blockchain space. Earlier in March, Unizen lost over $2 million due to an external call vulnerability, while Seneca Finance suffered an exploitation resulting in losses exceeding $6 million in February.
Despite the breach, the Mozaic team remains optimistic about the recovery of the funds, especially since they have been deposited into a centralized exchange. The team expressed hope for a legal process to facilitate the return of the allegedly stolen funds.
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