As the crypto world expands, attacks in this virtual world also increase. In a recent development, on-chain detective ZachXBT reported that the Bahrain-based cryptocurrency exchange was hacked. ZachXBT claimed that this exchange suffered a loss of “probably $14.8 million.”
ZachXBT: Cryptocurrency exchange Rain was hacked and lost $14.8 million!
On-chain detective ZachXBT shared his speculations, suggesting that Rain was likely hacked on April 29. ZachXBT claimed that the cryptocurrency exchange’s possible loss was $14.8 million. Rain is a cryptocurrency exchange and custodian serving the Middle East, Türkiye and Pakistan.
ZachXBT claims that suspicious outflows were detected from Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Ripple (XRP) wallets. To prove the assumptions, ZachXBT shared two addresses where the stolen funds were likely located. However, ZachXBT emphasized that Rain has not yet made any statement regarding the incident at this time. ZachXBT said, “As of now, Rain has yet to make any statement regarding the incident.” said.
Notable hacking incidents last week
There were many hacking incidents throughout the week, from vulnerabilities in smart contracts to social media dangers. Here are the highlights
1. Bloom from Base Network: Date 09 May 2024
The new shortfall, which aims to rebase returns for traders, resulted in a loss of approximately $600,000 from the protocol. The flaw allowed a trader to misuse funds. However, the team quickly recovered most of the funds by issuing a 10% bug bounty. Of the $540,000 mined, $406,000 is currently in the custody of the smart contract. The project will then distribute this to liquidity providers (LPs).
2. Gnus AI Discord Hack: Date 06 May 2024
Gnus suffered a very serious security breach via the Discord channel. Thus, the total loss suffered is estimated at $1.27 million. The hacker was able to hack into team members’ closed messages to retrieve their wallet details. He then used it to mint 100 million fake tokens. He linked these tokens to Ethereum and sold them. This triggered a significant price drop. The team began revamping the GNUS token to further reduce the impact. They also warned users against purchasing the devalued GNUS token.
3. Galaxy Fox Contract Crisis: Date: May 10, 2024
Galaxy Fox web3 platform, known for NFTs and play-to-earn games, became a victim of exploitation due to a smart contract vulnerability. He lost over 108 ETH (approximately $330,000) in the attack. This development highlighted the urgent need for robust security measures and access controls to prevent unauthorized breaches.
4. Tsuru Token Vulnerability: Date: May 10, 2024
Tsuru had a problem with the TRUSU Wrapper contract. This problem prevented contracts from being approved. The contract allowed users to enter the safeTransferFrom function with their own code and thus bypass the checking mechanism. Big data in contract reading functions led to off-throttle errors affecting the processing of transactions.
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