Dough Finance Hack: $2.5M Lost – Will Silent World Liberty

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Clients of Dough Finance, a trading platform launched by World Liberty Financial co-founder Chase Herro, are still waiting to be “made whole” after a hack drained millions of dollars in user funds, a Monday report from Reuters reveals.

Hackers Exploit Dough Finance, Steal $2.5 Million.

According to a May 19 report from the media outlet, an investor named Jonathan Lopez invested $1 million in cryptocurrency through Dough Finance in May 2024.

Lopez reportedly paid a 5% fee to the crypto company for the investment, while Herro “personally showed” him how to use the novel platform.

Lopez subsequently bolstered his funds through “looping,” wherein he was able to purchase the same digital asset before using the newly acquired crypto as collateral to buy even more of the coin in a bid to up his holdings.

But it all came crashing down just two months later when hackers exploited a vulnerability in Dough Finance’s code on July 12, draining $2.5 million from Lopez’s account.

Dough Finance Facing Client Lawsuit After Funds Wiped.

According to Reuters, Herro’s long-standing business partner, Zachary Folkman, claimed that the organization would “not stop” until everyone...

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