A startup called Cyvers reported that Hedgey Finance, a platform for trading cryptocurrency options, got hacked on both Ethereum and Arbitrum blockchains. The first attack on Ethereum resulted in the theft of $1.9 million. The hackers then swapped the stolen funds into DAI, a stablecoin issued by Maker. Hedgey Finance confirmed the incident and urged users to take precautions while they investigate further.

The hackers also targeted Hedgey Finance on the Arbitrum network, stealing a staggering $42.8 million. They used the same vulnerability as in the Ethereum attack and moved some of the stolen funds to the Bybit exchange. This double exploit highlights the need for better security measures in decentralized finance (defi) platforms.

Experts in the crypto community emphasize the importance of strengthening security in defi protocols to prevent such incidents. Despite the increasing popularity of cryptocurrency, there has been a decrease in hacks according to recent statistics. Peckshield reported a 50% decrease in crypto exploits last month, resulting in smaller losses for investors.

To combat hacks, white hat experts have set up a help desk to report incidents in real-time and share information on exploit strategies. As the crypto industry continues to grow, ensuring on-chain security remains a top priority for both experienced players and newcomers alike.