Crypto Hack Weekly Report: Are Your Investments Safe?

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 compromises. Stay along with us as we uncover it for you!

1.  Bloom from Base Network: Yield Re-Basing Gone Awry

Date: May 09, 2024

The new deficiency for traders that aimed at their yield re-basing caused a 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 a 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 Crisis

Date: May 10, 2024

The Galaxy Fox web3 platform, renowned for NFTs and play-to-earn games, fell victim to exploitation due to a smart contract vulnerability. Over 108 ETH (approximately $330,000) vanished in the attack, emphasizing the urgent need for robust security measures and access controls to prevent unauthorized breaches.

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. 

Also Check Out: Crypto Hack Report Q1 2024: Trends, Losses, and Recovery Efforts

Are crypto hacks an inevitable risk, or can they be prevented? Let the debate begin!