Altcoin hacks have become a very common occurrence in the rapidly expanding cryptocurrency world. With the value of cryptocurrencies reaching new heights and more people investing in them, cybercriminals are increasingly targeting crypto exchanges and wallets in search of valuable crypto assets. In addition, some platforms also suffer from these attacks. In this article, we will talk about the altcoin project, which is believed to have been hacked recently. Here are the details…
Hack alert for this altcoin project
Blockchain technology is touted for its security features, while hacking incidents highlight vulnerabilities that still exist in the system. From high-profile attacks on large exchanges to small-scale attacks on individual wallets, the impact of these events can be significant. Now, popular blockchain-based animal breeding game Degen Zoo has suspended its operations and Binance has launched an investigation into a suspected vulnerability in Oracle. The move came after an address with the address 0x8E…3c3c destroyed approximately 2 million DZOO worth approximately $58,000 on April 2. Degen Zoo was just recently launched on BSC.
According to Wu Blockchain behind a Chinese crypto media outlet, this anomaly was spotted by BSCScan, revealing that the same address received about 1.8 million DZOO from another address named 0x9F…a7a9. The second address is suspected to be related to the vulnerability believed to have been exploited to obtain stolen tokens. The official Telegram announcement by Degen Zoo, affiliated with the DAO Maker project that runs the game, said it was suspected to have been hacked at Binance Oracle. The project team has currently suspended the game and launched an investigation, saying that as of writing, there are no loopholes.
This situation caused concern among game users who expressed their disappointment on social media. Some criticized Degen Zoo for not being transparent and not providing timely updates. Meanwhile, others urged the project team to take swift action to resolve the issue and compensate affected users. The official Telegram channel is currently down, making it difficult for users to access information related to the investigation. However, the team assured users that they are working to restore the channel and will provide updates as soon as possible.
Blockchain risks persist
Event, cryptocoin.com As we reported, it was the last of many crypto hacks that exposed the security vulnerabilities of Blockchain technology. Despite the growing awareness of the risks involved, many users are tempted by the promises of decentralized control and transparency, and rely on these platforms. As the investigation into the Degen Zoo incident continues, it is not yet clear whether the project team will be able to restore trust among its users and prevent similar attacks in the future. As the crypto industry continues to grow, addressing these security issues will be crucial to building trust and ensuring the sustainability of the industry.
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