Mozaic Finance, a yield farming protocol, fell victim to an exploit on March 15 on the Abitrum network. The protocol’s development team confirmed the attack and stated that the stolen funds had been deposited on the centralized crypto exchange MEXC. They expressed confidence in the funds being returned.
Mozaic Finance is a decentralized finance and yield-optimization protocol that operates on various blockchain networks. It utilizes artificial intelligence programs to maximize investor returns.
CertiK, a blockchain security firm, issued an alert confirming the exploit. According to their report, the attacker drained funds by calling the “bridgeViaLifi” contract, which can only be accessed by a developer wallet. CertiK concluded that the incident was a result of a compromised private key.
Blockchain data revealed that an account ending in 50eb initiated the exploit, resulting in 27 token transfers that moved significant amounts of stablecoin between accounts. CertiK estimated the total losses to be over $2 million.
Blockchain users continue to face hacking and exploitation incidents. Unizen, a decentralized finance protocol, lost over $2 million on March 9 due to an external call vulnerability. The team committed to compensating the victims promptly. Seneca Finance, a lending app, also experienced a similar incident, losing over $6 million on Feb. 29.
In a Discord post on March 15, the Mozaic team expressed hope that they would recover the funds through legal means since the proceeds of the alleged crime had been deposited on a centralized exchange.