Cryptheory – Crypto and Artificial Intelligence

Cryptocurrency and Artificial Intelligence – Get an Overview of Market News

Series of attacks past few days in crypto

2 min read

There have been three hacker attacks in the crypto sector in the past few days. The decentralized crypto exchange SushiSwap, the DeFi platform Terraport Finance and the South Korean trading platform GDAC are affected. In all, more than $15 million was stolen. After the attack on Euler Finance, the hacker attacks continued in April.

SushiSwap with smart contract error

The blockchain security company Peckshield reported about an unusual activity related to the approval function in a SushiSwap smart contract. It quickly became clear that a hacker would use the error within a few hours to steal around 3.3 million US dollars.

Jared Gray, Lead Developer at SushiSwap, demanded prompted DEX users to revoke permissions on all of the protocol’s contracts. Exchange users can find one on GitHub List of all affected blockchain addresses. A short time later reported Gray a first success: “We recovered more than 300 ETH.” It remains to be seen whether the development team can also reclaim the remaining funds.

Terraport Finance loses 2USD million

The DeFi platform based on Terra Luna Classic, Terraport Finance, also reported an attack on its own liquidity wallet. “The team is currently investigating this breach and action has been taken to secure the record,” explained Terraport on Twitter.

The hacker stole around $2 million in Terra Luna Classic (LUNC) and has already sent the money to Binance and other crypto exchanges, according to the release. The incident has the community in an uproar because the project before launch no audit should have carried out.

Crypto exchange GDAC loses 23 percent of assets

Also opera of a hacker attack: GDAC. South Korean crypto exchange, handles token-to-token transactions. The exchange lost over $13.1 million in Bitcoin, Ether, Wemix and USDT — a total of 23 percent of GDAC’s assets.

After the attack, withdrawals and deposits were blocked. In a communication GDAC urges other exchanges to block incoming transactions from suspicious addresses.

Crypto hacks more and more successful

It was not until mid-March that the “flash loan attack” on the DeFi platform Euler Finance took place. With nearly $200 million in stolen funds, it’s the biggest hack so far this year.

In 2022, cybercriminals stole around 3.8 billion US dollars – the most successful year ever. The hack by the Ronin Bridge from the blockchain game Axie Infinity and the attack on the Solana DeFi protocol Mango Markets had particularly serious consequences.

Leave a Reply

Your email address will not be published. Required fields are marked *