Yesterday, hackers drained $2.5M from Moby, a DeFi platform. However, $1.5M was reclaimed by whitehat hacker Tony Ke.
First Major DeFi Heist of 2025
This year's first major DeFi heist occurred as hackers drained $2.5 million from the Moby platform on the Arbitrum network. A significant portion of the stolen amount was recovered thanks to efforts by whitehat hacker Tony Ke.
How Hackers Executed the Theft
Moby confirmed that a leaked private key enabled the hacker to exploit a proxy contract and activate an emergency withdrawal function. The stolen funds included 207 WETH and 3.7 WBTC. These were converted to ETH and dispersed across many wallets, as reported by Beosin. Tony Ke detected an error in the hacker’s contract and used it to recover part of the funds.
Funds Recovery and Moby's Next Steps
Whitehat hacker Tony Ke reclaimed $1.5 million in USDC, but the remaining funds, approximately $1 million in WETH and WBTC, remain unrecovered. Moby has pledged to compensate all affected users.
Despite losing part of the stolen funds, Moby aims to restore user trust by compensating losses and enhancing security measures.
