The development team of Mozaic Finance, a decentralized finance (DeFi) protocol running on the Arbitrum network, has revealed that it was hacked on March 15. Through the use of a vulnerability, the attacker was able to siphon off funds and move them to the centralized exchange MEXC. Regarding money recovery through legal means, the team is still upbeat.
The attacker obtained access to the bridgeViaLifi contract by compromising a private key, which permitted unapproved financial transactions, according to CertiK’s report. Over $2 million in stablecoins were transferred and diverted to different accounts, according to blockchain data. Since the monies were deposited into the centralized exchange MEXC, the developers of Mozaic Finance voiced confidence in the possibility of recovering the stolen funds.
The Mozaic Finance event comes after a slew of recent DeFi exploits, such as the $2 million loss suffered by Unizen as a result of external vulnerabilities and the $6 million exploit by Seneca Finance. The frequency of these instances highlights the continuous hazards in the DeFi sector, even with ongoing efforts to improve security measures. In order to recover funds, the Mozaic team plans to take legal action.
