Crypto Hack Weekly Report: Unpacking the Major Breaches of the Week
The post Crypto Hack Weekly Report: Unpacking the Major Breaches of the Week appeared first on Coinpedia Fintech News
This is the weekly summary of crypto hack incidents and exploits that have affected different projects in the blockchain world. The crypto industry is still struggling with the threat of advanced attacks and security loopholes as the firms continue to improve their security protocols.
The week saw plenty of hacks ranging from exploits in smart contracts to social media compromise, Stay along with us as we uncover it for you!
1. Bloom from Base network hacked
Date: May 09, 2024
The new deficiency for traders that aimed at their yield re-basing caused nearly $600,000 loss from the protocol. The flaw allowed a trader to misuse funds, but the team quickly rescued most of the funds by offering 10% bug bounty. From the $540,000 extracted, $406,000 is presently in the custody of the smart contract, which will later be distributed to liquidity providers (LPs).
2. Gnus. AI Discord Hack
Date: May 06, 2024
Gnus experienced a very severe security breach through their Discord channel and it’s estimated that $1.27 million was the total damage received. The hacker managed to penetrate enclosed messages of team members in order to get the wallet details.
It was later used to mint 100 million fake tokens. These tokens were linked to Ethereum and sold which triggered a considerable price crash. The team has started to revamp the GNUS token to reduce the impact further. They have also warned users against buying the devalued GNUS token.
3. Galaxy Fox Contract Vulnerability
Date: May 10, 2024
The web3 platform of Galaxy Fox featuring NFTs and play-to-earn games was exploited because of a smart contract vulnerability. An exploit of the sort took away over 108 ETH (about $330,000). The incident shows us the necessity for strong security measures and controlled access control in smart contracts to avoid unauthorized exploits like these.
4. Tsuru Token Vulnerability
Date: May 10, 2024
Tsuru suffered a problem concerning the TRUSU Wrapper contract. It prevented the approvals of the contracts. The contract allowed users to key in the safeTransferFrom function with their code thereby bypassing the control mechanism. Massive data in the contract read functions led to out-of-gas errors, which affected the processing of the transactions.
In order to ensure the vulnerability resolution and strong security posture of the blockchain environment, projects, cooperations, security professionals and participants’ vagility are important factors.Stay tuned as we bring the coming weekly crypto hack sum up!
Also Check Out: Crypto Hack Report Q1 2024: Trends, Losses, and Recovery Efforts
