Badger DAO
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score was recalculated from the page's findings, 62 → 65. Version history →
Why this score
| Every page starts at | 65 |
| Incidents it suffered (e.g. hacks) | -6.4 |
| Problems around it, caused by others | -1.6 |
| Long-running | +8 |
| Sum | 65 |
- 1 section set aside: the claims did not hold up in a fact-check, pending correction.
Score: 65/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 4 of 7 claims confirmed · 3 need better sources
anchored·2gGwd9…x8PmSummary
Badger DAO is a decentralized autonomous organization and DeFi protocol launched in December 2020 focused on generating yield on Bitcoin-backed assets via Ethereum-based vaults. In December 2021, a front-end attack exploiting a compromised Cloudflare API key resulted in approximately $120–130 million in user funds being drained across roughly 500 wallets. As of 2025, the protocol has seen significant decline: its flagship eBTC product was sunset, BADGER was delisted from Binance, and total value locked has fallen to low single-digit millions.
Incidents (1)
- BadgerDAO Exploitadded 2026-05-31
Connected Entities
6 entities · 60 linked investigations- Badger DAO→mentioned with→Bitcoin(70%)
- Badger DAO→mentioned with→Ethereum(60%)
- Badger DAO→mentioned with→Binance(70%)
- Badger DAO→mentioned with→Celsius Network(85%)
- Ethereum→mentioned with→Bitcoin(60%)
- Celsius Network→mentioned with→Bitcoin(70%)
- Celsius Network→mentioned with→Ethereum(60%)
- Binance→mentioned with→Ethereum(65%)
- Badger DAO→mentioned with→BadgerDAO Exploit(80%)
- BadgerDAO Exploit→mentioned with→Ethereum(80%)
- + 3 more
Timeline(17 events)
September 2020
Badger DAO founded by Chris Spadafora, Ameer Rosic, Albert Castellana, and Alberto Cevallos.
December 2020
Badger DAO publicly launches with BADGER token fair distribution and Sett Vaults product.
August 2021
Alleged: Three unauthorized accounts created and granted Cloudflare API keys without authorization, exploiting a flaw in Cloudflare's email verification process.
15 September 2021
Badger team unknowingly completes account creation for one of the pre-seeded compromised Cloudflare accounts.
10 November 2021
Attacker begins periodically injecting malicious JavaScript via Cloudflare Workers into BadgerDAO's web application routes.
20 November 2021
Attacker obtains the first successful unauthorized ERC-20 approval from a user wallet.
December 2021
Largest single victim — a wallet alleged to be associated with Celsius Network — approves attacker access to 896 Wrapped Bitcoin (~$50 million). Attacker begins mass withdrawal of funds across all accumulated approvals.
2 December 2021
BadgerDAO detects the exploit and freezes all smart contract transferFrom calls, halting further theft. PeckShield estimates losses of approximately 2,100 BTC and 151 ETH (~$120 million).
3 December 2021
Celsius Network publicly confirms it suffered losses in the BadgerDAO exploit.
10 December 2021
BadgerDAO publishes post-incident disclosure attributing the breach to a compromised Cloudflare API key and maliciously injected script.
16 December 2021
Governance proposals BIP-76, BIP-77, and BIP-78 introduced to authorize seizure of ~$9.2 million in recoverable attacker-held vault tokens and begin restitution.
2022
Protocol relaunches after third-party audits of web2 and web3 infrastructure are completed.
July 2022
Celsius Network files for bankruptcy. Subsequent reporting reveals Celsius forfeited ~$22 million in BadgerDAO restitution entitlements due to an administrative error in its claims process.
16 April 2025
Binance delists BADGER following a community vote-to-delist, citing low trading volume and development activity.
11 June 2025
BadgerDAO Treasury Council announces sunset of the eBTC protocol, citing failure to achieve product-market fit and insufficient TVL to sustain revenue.
17 June 2025
Crypto.com delists BADGER token.
25 July 2025
OKX announces delisting of BADGER/USDT perpetual contracts.
Decision Log
- slot 464299467 · hash Fa6KYc1GhrvAqSFY6Ni1h9dg1sD9nrfbib41Kdrrf4eX
- slot 464299462 · hash 62eeJYFngkPvW8uU6hwgTza9KZynvwVZ3uzLzAadXmeq
- slot 464299456 · hash FLN9XjKHzcGfaPZEhUyQg1bpkULabeMTP7AhkVLAryP6
- slot 455368635 · hash GWFMscYPcC1QtqRwWxYYcJRHhnsHwcbbzKhzFXgQRATt
- slot 421042224 · hash HDmkvyYASoNNsxJX9USHE4Fnnj4ZApRXUAqSKmp9Sar9
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 23 of 26 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-5
generated: 5/4/2026, 2:54:52 AM
last updated: 11/2/2026, 12:48:53 AM
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