Weekly Crypto Hack Report: Largest Incidents and Financial Losses 

The post Weekly Crypto Hack Report: Largest Incidents and Financial Losses  appeared first on Coinpedia Fintech News

As with many other types of cryptocurrencies, breaches exemplify remaining deficiencies and reveal their potential for producing severe financial harm. This week’s report begins with exploring fresh and prominent hacking-related stories that happened in the industry, and the analysis of the hacks witnessed in detail.

Ronin Bridge Exploit: $12 million withdrawn due to Contract vulnerability

The Ronin Bridge project was one of the main targets of this attack, in which the attackers acted on a weakness in constructing the contract. The vulnerability was to modify the weight parameter to any undesired value and this did not require multi-signature authorisation to take place. This led to a command that caused the withdrawal of about 4,000 ETH and 2 million USDC, or roughly $12 million. There was a quirk in the Ronin Bridge’s smart contract that enabled the attackers to change the contract’s parameters and make unauthorized withdrawals.

White hat hackers got involved to bring back the stolen assets, the hackers were rewarded for this with a $500 000 bug bounty. The project team is now in the process of auditing and revisiting to tighten security measures that were accidentally left open by the developing team.

Nexera proxy contract exploited: $1.5 million in tokens stolen 

Nexera stated in its tweet that its proxy contract was hacked. An attacker was able to hack the proxy contract, deploy a new code without authorization to the contract and abuse the withdrawal admin to steal all NXRA tokens in the contract. This enabled the attacker to swap the stolen tokens to ETH and some of them were transferred to the BNB chain. Estimated total economic loss comes close to $1. 5 million. 

Nexera is conducting an extensive probe to establish the extent of the compromise and work on preventing contract and token loss.

RARI Foundation Discord server breach

The official Discord of the RARI Foundation was hacked, and the adversaries gained access to the confidential information. It also came through especially vividly that the encryption of the communication platforms used in the crypto sector is a more pressing problem. 

The RARI team is not passive and is currently trying to take control and stabilize the server. Other than that, all the users were urged to refrain from using the server in order to avoid other vulnerabilities arising in the future. No amount of money has been stated to have been lost. 

The team of the RARI Foundation is studying the leakage, while the necessary safeguards for similar situations are being developed. 

That was all for the past week’s hack report, stay tuned with Coinpedia as we bring in next week’s crypto hack report.

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