![]() ![]() The protocol also attracted investment from bigger investors like Coinbase Ventures, Galaxy Digital, and Alameda Research.ĭespite today’s exploit on the DeFi protocol, its native cryptocurrency token has remained relatively stable, and at the time of writing, DODO was trading at $3.94, down by a little over 2.55% at midday (ET), but was already up 1.17% to $4.09 at press time. The protocol raised a $600,000 seed round led by Framework Ventures, after which it raised an additional $5 million in a private sale funding round led by Three Arrows Capital, Binance Labs, and Pantera Capital. Many in the crypto community were optimistic about the project that was launched back in August 2020. Why It Matters: The DODO protocol’s native token DODO rose over 96% in a single day on February 18 after announcing it would soon be launched on Binance Smart Chain (BSC). ![]() DODO was founded by Qi Wang, Shichao Dai, and Mingda Lei and launched in 2020. The hack in question took place as a result of an exploiter creating a counterfeit DODO token by manipulating a bug in DODO’s V2 smart contract Crowdpool. DODO is an On-Chain Liquidity Provider for everyone. DODO is a non-custodial exchange protocol built on Ethereum and other blockchains. In an update about the recent events on the protocol's website, DODO later stated that they expected $1.88 million of the stolen funds to be returned. DODO is a decentralized exchange (DEX) platform and liquidity aggregation service built on Ethereum and Binance Smart Chain (BSC). WSZO, WCRES, ETHA, and FUSI pools were impacted, while AC pool funds have been fully recovered.įunds in all other pools, including all V1 pools and all non-Crowdpool V2 pools, are safe.Īs a precautionary measure, the exchange temporarily disabled the pool creation portal while stating on Twitter that they were working closely with their security partner to recover the lost funds. On March 8, Several DODO V2 Crowdpools were attacked. ![]()
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